More than 80 per cent of shoppers concerned over increasing costs of goods and services, Mintel says
Mintel's annual poll, conducted among more than 2,000 people in February, found 83 per cent of people are concerned about the increasing cost in goods and services in the months and years ahead, says The Guardian.
Almost six in ten of them were worried about the rising cost of groceries, while 35 per cent cited spiralling costs of holidays and 26 per cent mentioned higher costs for clothing and shoes.
Headline consumer price inflation jumped sharply to 2.7 per cent in April, in large part thanks to the fall in the value of the pound since the EU referendum, which increases the cost of imports.
At the same time, wage growth is slowing as Brexit uncertainty feeds into the economy. The average pay packet is rising at less than two per cent.
Mintel also found "81 per cent of UK consumers are concerned about the future health of the NHS, while 68 per cent are worried about the UK economy" in the future.
Despite that, however, "broader consumer confidence is still relatively strong", says the researcher.
According to The Guardian, "less than half of all adults (48 per cent) are worried about their ability to pay the bills and less than two in five (37 per cent) are concerned about the burden of personal debt".
Mintel added that consumer spending rose 3.7 per cent last year to £1.2trn, while the Office for National Statistics reported yesterday that consumer spending rose by a greater-than-expected 2.3 per cent in April compared to the same month last year, says The Independent.
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