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We are still in recession say consumers. Pearson May News Update - Friday 4 November
Pearson May news blog
We are still in recession say consumers
The UK is still in a recession, according to 86 per cent of consumers.
The figures come from the British Retail Consortium's (BRC) Consumer Confidence Survey from Nielsen. The misguided view is testament to the squeeze consumers are continuing to feel.
The UK exited the recession in quarter three 2009, but consumers are still feeling the pinch, particularly when it comes to gas and electricity prices. Two thirds of respondents are planning to try and save on their gas and electricity prices, as winter approaches.
Overall the survey did show a small increase in consumer confidence between Q2 and Q3, but fear over job prospects remain prominent.
British Retail Consortium Director General Stephen Robertson said: "There's not much to be cheerful about here. Consumer confidence has barely improved on the previous quarter and is still lower than at any time last year. Even though this week's figures show the economy growing by 0.5 per cent, 86 per cent of people believe we are still in recession and only 11 per cent think that will change in the next twelve months.
"Utility bills are people's biggest concern with over half trying to save on gas and electric bills, confirming that rising costs and low wage rises are putting disposable incomes under huge pressure. With jobs fears mounting and no relief in sight this year, retailers are braced for a difficult Christmas."
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