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Sandra Halliday Published
April 11, 2025
Deloitte’s latest quarterly consumer confidence report is out and it shows that sentiment among Britons remains muted with an almost-flat reading for the second consecutive quarter.
Overall consumer confidence rose a marginal 0.3 percentage points for Q1 2025 as a seasonal uplift to general health and wellbeing sentiment was offset by a drop in consumer confidence towards people’s personal finances.
In fact, 50% of consumers said that they had less money to spend this quarter compared with the previous three months and inflation is still weighing on sentiment as consumers’ net spending on essentials rose in Q1 to its highest level since 2011. Sentiment towards the state of the UK economy also fell to its lowest level in over a year.
Deloitte’s Consumer Tracker is based on responses from 3,200 UK consumers aged 18+ between 14 and 17 March, and the flat reading came after a two-year period of improvement.
Importantly, it showed that consumers have cut back on luxuries. Some 77% of consumers agreed they spent more in the last three months because of rising prices, when compared with the previous three months but 47% said they were only spending on essentials in the latest period.
Meanwhile, more than half (58%) of consumers said that they have been generally more frugal with their overall spending compared with the previous quarter. Equally, more than half (54%) said they had consciously cut down on luxuries and treats in the same period. That said, probably due both to inflation and to some consumers not cutting back, overall discretionary spending is higher than a year ago across all categories.
Celine Fenech, consumer insight lead at Deloitte, said: “The consumer recovery appears to have stalled despite continued strong wage growth, with uncertainty around the economy and other factors such as geopolitical tensions playing on the minds of consumers. As inflation persists, particularly on food and utilities, consumers are being more tactical in the way they spend, with a focus on essentials and looking for discounts and promotions when making purchases.
“Consumers remain nervous about how to manage the cost of living and therefore spending is likely to remain subdued and targeted. There will however still be parts of the consumer economy that perform better than others, and the arrival of better weather and seasonal events may prop up confidence and attract increased spending in the coming months.”