British shopper confidence is varying across the kingdom
Consumption in the UK depends on the local lockdown measures, says a new study released by IGD. Shopper confidence has decreased significantly in the North of England, dropping from -3 in June to -9 in July. This comes at a time when a spike in cases has resulted in local lockdowns affecting large parts of the North of England. In contrast, confidence has increased in Scotland. Wales has also seen a large decline in confidence, falling from -1 in June to -13 in July, according to the study. 83% of all shoppers expect food prices to get more expensive in the year ahead, the highest level since June'13.
Inflation in food prices is creating worries among consumers aged 65+ who are afraid that prices are going to rise in the year ahead. In contrast, younger shoppers aged 18-24 are more confident in July with a score of +3, the highest level since Aug’19.
“As local lockdowns are enforced across the country we will likely see more of a split in confidence between regions as the impacts of COVID-19 become more localised. While July’s data shows an increase in confidence among Scottish shoppers, we anticipate a different picture for August following the news of Aberdeen’s lockdown. It is likely that younger shoppers have been particularly boosted by the generally warm weather and the relaxation of some lockdown measures including the reopening of non-essential retail and the hospitality sector. Job security was also boosted by the extension of the job retention scheme until October’20 and the support for the foodservice sector. We predict that shopper confidence is likely to remain fragile as shoppers contend with the impact of a deep economic downturn in 2020,” declared Simon Wainwright, Director of Global Insight at IGD.
The IGD Shopper Confidence Index comes in at -8 for July, which is slightly down on the previous month. Despite remaining low, the score is considered to be generally stable.
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