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RTÉ News
21-07-2025
- Business
- RTÉ News
UK consumer sentiment suffers first big fall in nearly 3 years, Deloitte says
British consumer sentiment had a marked fall for the first time in nearly three years last month, reflecting increased worries about job security, a Deloitte survey showed today. Deloitte said its consumer confidence index dropped by 2.6 percentage points to 10.4% in the second quarter, its lowest since the first quarter of 2024. The fall was the first since the third quarter of 2022 - when inflation hit a double-digit peak and financial markets reeled from former Prime Minister Liz Truss' budget plans - apart from a 0.2 point decline last year which Deloitte did not view as statistically significant. "Concerns of a slowing labour market have left consumers worried about job security and income growth prospects, while persistent inflation and a high cost of living have negatively impacted sentiment towards personal debt," said Deloitte consumer insight lead Celine Fenech. Businesses have blamed increased employment taxes and a higher minimum wage which took effect in April, as well as planned law changes to make it harder to dismiss new employees, for making them more reluctant to hire. Official data last week showed Britain's unemployment rate rose to 4.7% in the three months to May, its highest since 2021, while inflation picked up to 3.6% in June, the highest since January 2024. The Deloitte figures paint a slightly different picture to Britain's longest-running survey of consumer sentiment, from GfK, which drifted in the second half of last year but rose to its highest since December last month. Deloitte's survey of 3,200 consumers was conducted between June 13 and June 16 and the consumer sentiment index is based on six questions about job security, job opportunities, income, debt, children's welfare, and general health and wellbeing. A separate question about the state of the economy saw a 3.9 percentage point rise in its balance, but it was still 18.4 percentage points lower than a year earlier. "Activity in the UK has slowed in recent months, but an uptick in business confidence seen in the latest Deloitte CFO Survey testifies to continued resilience amid geopolitical uncertainties," Deloitte chief economist Ian Stewart said.
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First Post
21-07-2025
- Business
- First Post
Starmer faces new challenge: UK sees first step fall in consumer confidence in 3 years, says survey
The UK consumer sentiment had a marked fall for the first time in nearly three years last month, reflecting increased worries about job security, a Deloitte survey showed on Monday. read more British consumer confidence fell for the first time in three years. Representative Image UK Prime Minister Keir Starmer's Labour government now has a challenge in hand as a survey suggests that British consumer sentiment had a marked fall for the first time in nearly three years. According to the data released by Deloitte, the consumer confidence dipped last month, reflecting increased worries about job security. The survey noted that the consumer confidence index dropped by 2.6 percentage points to 10.4 per cent in the second quarter, its lowest since the first quarter of 2024. As per the findings, the fall was the first since the third quarter of 2022. STORY CONTINUES BELOW THIS AD It was the same time inflation hit a double-digit peak and financial markets reeled from former Prime Minister Liz Truss' budget plans. Last year, the consumer confidence dipped by 0.2 points, which Deloitte did not view as statistically significant. 'Concerns of a slowing labour market have left consumers worried about job security and income growth prospects, while persistent inflation and a high cost of living have negatively impacted sentiment towards personal debt,' said Deloitte consumer insight lead Celine Fenech. Why it matters According to Deloitte, businesses have blamed increased employment taxes and a higher minimum wage, which took effect in April, as well as planned law changes to make it harder to dismiss new employees, for making them more reluctant to hire. Last week, official data showed that Britain's unemployment rate rose to 4.7 per cent in the three months to May, its highest since 2021, while inflation picked up to 3.6 per cent in June, the highest since January 2024. Deloitte surveyed 3,200 consumers between June 13 and June 16. The consumer sentiment index is based on six questions about job security, job opportunities, income, debt, children's welfare, and general health and wellbeing. A separate question about the state of the economy saw a 3.9 percentage point rise in its balance, but it was still 18.4 percentage points lower than a year earlier. 'Activity in the UK has slowed in recent months, but an uptick in business confidence seen in the latest Deloitte CFO Survey testifies to continued resilience amid geopolitical uncertainties,' Deloitte chief economist Ian Stewart said. STORY CONTINUES BELOW THIS AD With inputs from agencies.
New Straits Times
21-07-2025
- Business
- New Straits Times
UK consumer sentiment suffers first big fall in nearly three years, Deloitte says
LONDON: British consumer sentiment had a marked fall for the first time in nearly three years last month, reflecting increased worries about job security, a Deloitte survey showed on Monday. Deloitte said its consumer confidence index dropped by 2.60 percentage points to 10.40 per cent in the second quarter, its lowest since the first quarter of 2024. The fall was the first since the third quarter of 2022 – when inflation hit a double-digit peak and financial markets reeled from former Prime Minister Liz Truss' budget plans – apart from a 0.20 point decline last year which Deloitte did not view as statistically significant. "Concerns of a slowing labour market have left consumers worried about job security and income growth prospects, while persistent inflation and a high cost of living have negatively impacted sentiment towards personal debt," said Deloitte consumer insight lead Celine Fenech. Businesses have blamed increased employment taxes and a higher minimum wage which took effect in April, as well as planned law changes to make it harder to dismiss new employees, for making them more reluctant to hire. Official data last week showed Britain's unemployment rate rose to 4.70 per cent in the three months to May, its highest since 2021, while inflation picked up to 3.60 per cent in June, the highest since January 2024. The Deloitte figures paint a slightly different picture to Britain's longest-running survey of consumer sentiment, from GfK, which drifted in the second half of last year but rose to its highest since December last month. Deloitte's survey of 3,200 consumers was conducted between June 13 and June 16, and the consumer sentiment index is based on six questions about job security, job opportunities, income, debt, children's welfare, and general health and wellbeing. A separate question about the state of the economy saw a 3.90 percentage point rise in its balance, but it was still 18.40 percentage points lower than a year earlier. "Activity in the UK has slowed in recent months, but an uptick in business confidence seen in the latest Deloitte CFO Survey testifies to continued resilience amid geopolitical uncertainties," Deloitte chief economist Ian Stewart said.
Business Times
21-07-2025
- Business
- Business Times
UK consumer sentiment suffers first big fall in nearly three years: Deloitte
[LONDON] British consumer sentiment had a marked fall for the first time in nearly three years last month, reflecting increased worries about job security, a Deloitte survey showed on Monday. Deloitte said its consumer confidence index dropped by 2.6 percentage points to 10.4 per cent in the second quarter, its lowest since the first quarter of 2024. The fall was the first since the third quarter of 2022 - when inflation hit a double-digit peak and financial markets reeled from former Prime Minister Liz Truss' budget plans - apart from a 0.2 point decline last year which Deloitte did not view as statistically significant. 'Concerns of a slowing labour market have left consumers worried about job security and income growth prospects, while persistent inflation and a high cost of living have negatively impacted sentiment towards personal debt,' said Deloitte consumer insight lead Celine Fenech. Businesses have blamed increased employment taxes and a higher minimum wage which took effect in April, as well as planned law changes to make it harder to dismiss new employees, for making them more reluctant to hire. Official data last week showed Britain's unemployment rate rose to 4.7 per cent in the three months to May, its highest since 2021, while inflation picked up to 3.6 per cent in June, the highest since January 2024. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The Deloitte figures paint a slightly different picture to Britain's longest-running survey of consumer sentiment, from GfK, which drifted in the second half of last year but rose to its highest since December last month. Deloitte's survey of 3,200 consumers was conducted between June 13 and June 16 and the consumer sentiment index is based on six questions about job security, job opportunities, income, debt, children's welfare, and general health and wellbeing. A separate question about the state of the economy saw a 3.9 percentage point rise in its balance, but it was still 18.4 percentage points lower than a year earlier. 'Activity in the UK has slowed in recent months, but an uptick in business confidence seen in the latest Deloitte CFO Survey testifies to continued resilience amid geopolitical uncertainties,' Deloitte chief economist Ian Stewart said. REUTERS
