Consumer Outlook

Despite persistent inflation, a cost-of-living crisis and rising interest rates, consumer spending was more robust in 2023 than many would have predicted. So, what does this mean for buying behaviours in 2024?

This year’s economic climate will see inflationary pressures ease, but on the flip side, high interest rates will increasingly drag on household finances, impacting spending intentions for the rest of the year. As a result, we’ll continue to see evidence of a more price sensitive consumer, with our report indicating 96% of consumers feel concerned about the cost of living, only a 2% decline from last year.

So, what can businesses do to entice customers to spend? And will the behaviours we saw last year, like trading down to own-brand products, splashing out on holidays, and cutting back on eating out and takeaways continue in 2024?


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