The British Retail Consortium reported improvements in consumer confidence and economic outlook in May. The overall economy rating improved to -36, reflecting a rise in personal financial conditions to -12 despite a slight dip in retail spending. Notably, consumers aged over 60 experienced significant optimism, as trade tensions eased. Spending expectations remained stable over three months. The recent trade agreements with the US and India are seen as key factors in boosting confidence, with hopes that continued trade developments will further enhance economic prospects. A tax-free shopping initiative is suggested to further stimulate spending.
Only weeks ago, consumers were facing uncertainty arising from President Trump's announcement of eye-watering tariffs on many countries. Fast forward to today, the UK has trade deals with some of the world's largest economies.
Consumer confidence improved as UK economic growth picked up and geopolitical tensions eased as the US-China trade war began to cool, however, it remains far below levels seen last year.
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