The Index of Consumer Sentiment Quarter 2 2024

Our latest Index of Consumer Sentiment Report covers the second quarter of 2024.

Consumer sentiment may still be a fair way short of where it stood in 2018 when we launched the UK Index of Consumer Sentiment, but looking through the results in this report it’s hard not to feel a sense of optimism.

The overall score has increased modestly from 66.1 to 68.6, but one of the real strengths of this index is the fact that it is built on a suite of questions which pick apart that overall feeling to reveal a more nuanced picture. Looking at the Index of Current Economic Conditions, which reflects how consumers feel about the current financial situation, we can see a clear upward trend going back to Q4 2022.

Download the latest report now for detailed analysis on the latest changes.

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Are we seeing an upward trend?

In Q2 2024 consumer sentiment has risen slightly to 68.6. It is not yet clear whether this represents an upward trend, or whether the long term trend will remain broadly flat, but this report suggests there may be reasons for optimism.

  • The Index of Consumer Sentiment has risen 2.5 points to 68.6

  • The Index of Consumer Conditions has risen 3 points to 68.2

  • The Index of Current Economic Expectations has risen 2.2 points to 68.9

  • Sentiment in the UK seems to be diverging from that in the USA, but is still following a similar trend to the EU (although this is not a precise like-for-like comparison).

  • Sentiment in the UK may have started to trend up after a period of stagnation

  • Money worries are second only to health worries for most people

  • Consumers over 45 are much more pessimistic than younger people, but the gap is narrowing

  • Social renters are less confident than consumers with other types of home tenure

  • In general our demographic splits are narrowing as economic pressures ease

TLF Research founder, Nigel Hill, had the following to say in his foreword:

Consumers feel better about the current financial situation than they have since the war in Ukraine sent energy and food prices soaring. Inflation has been falling, wages have been growing, and it all adds up to improved consumer sentiment.

Will the trend continue?

What will the impact of our next government (whoever forms it) be?

Those are questions that you’d need a crystal ball to answer, but we believe there is more cause for optimism than pessimism in these results. One of our respondents captured a common theme of cautious positivity:

“I am hopeful that things are starting to turn a corner and that I will be in a better situation towards the end of the year. Things are still tight and i have had to make cutbacks but on the whole we are managing.

Download the full report now and let us know if you have any questions.

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