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Households downbeat about prospects for finances in 2024

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Households downbeat about prospects for finances in 2024 By Proactive Investors

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Published Dec 29, 2023 09:20
Updated Dec 29, 2023 09:40

© Reuters. Households downbeat about prospects for finances in 2024

Proactive Investors – Four in 10 consumers are heading into 2024 saying they feel less financially secure than when 2023 began, according to new research from KPMG UK.

Assessing confidence for 2024, KPMG’s latest Consumer Pulse survey of 3000 UK consumers shows those feeling worse about their financial security outnumber those feeling more secure by almost two to one (41% vs 22%).

The findings also showed that two-thirds of consumers say they will have to cut their non-essential spending in 2024, with eating out (78%), takeaways (70%) and clothing (57%) the top three of a wide range of cost cutting targets.

This is the same top three as when KPMG polled consumers on their 2023 spending intention 12 months ago.

But the numbers of consumers saying they will target these categories for cutbacks in 2024 has risen sharply compared to a year ago, when eating out was selected by 46%, takeaways by 42%, and clothing by 42%.

Compared to a year ago, the 2024 survey also shows clear jumps in the number of people saying that they will buy more own brand and value produce next year (46% vs 31%), and more promotional and discount produce (46% vs 30%).

Intention to shop at lower cost stores more in the year ahead has also risen (40% vs 27%), as has using retailer loyalty schemes more to unlock lower prices – with 40% of consumers saying they will do more of this in 2024, compared to 18% saying so twelve months ago.

Linda Ellett, UK head of consumer, retail and leisure for KPMG, said: “As was the case in 2023, large numbers of consumers tell us that they are going to combine stopping, reducing, and switching the things they buy to save money in 2024.”

“As more households are exposed to higher mortgage rates or rent, the number of people needing to cut non-essential costs increases.”

Read more on Proactive Investors UK

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Households downbeat about prospects for finances in 2024

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