BRC (British Retail Consortium) Opinium data shows consumer’s economic expectations for the next three months have fallen significantly.

The data shows that most consumers expect the state of the economy to worsen, with overall expectations at -53%, down from -30% in February, the lowest on record.

Chief Executive of the British Retail Consortium, Helen Dickinson, commented: “Consumer confidence collapsed as the Middle East conflict raised the prospect of higher inflation in the months ahead. As stock markets tumbled, confidence in both the economy and personal finances dropped to their lowest levels on record.

“The drop in confidence was most pronounced among the Boomer generation, who are most reliant on investment and pension funds. Meanwhile, spending expectations rose as shoppers expected to see rising energy costs reflected across the economy.”

The data also highlighted that overall, participants found their own personal financial situation  had worsened, with overall expectations at -17% in March, down from -6% in February.

Consumers also reported personal spending on retail rose in March, as well as personal spending overall, as personal saving fell.

“The current conflict has created a great deal of uncertainty in the economy,” Ms Dickinson continued. “Inflation is expected to rise in the coming months. Just as the economy was beginning to turn a corner on inflation, the rise in global energy prices is particularly unwelcome for businesses and families.

“It is now vitally important that Government policy does not exacerbate the situation, and bringing down the cost of living must be a top priority. From new employment laws to rising packaging taxes, Government must focus on how it can minimise unnecessary costs to retailers, thereby helping protect ordinary households from the rising cost of living.”

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