Shoppers set for tidal wave of spending as consumer confidence hits highest level since before 2008 financial crisis
Shoppers are ready to unleash a tidal wave of spending after consumer confidence hit its highest level since before the 2008 financial crisis, research reveals.
A study by consultancy PwC showed there is pent-up demand for everything from fashion to eating out post-lockdown.
The monthly survey of 2,067 adults showed the over-65s are driving the increased optimism as the positive impact of the Covid vaccine rollout promises to feed through into the economy.
Spending spree: The over-65s are driving the increased optimism as the positive impact of the Covid vaccine rollout promises to feed through into the economy
Research showed older age groups have suffered the least financial damage from the pandemic with more than a quarter of over-65s saving money since the Covid outbreak.
The pandemic has cost hundreds of thousands of jobs across the country. The under45s appear to have been hit the hardest and are feeling less positive than they were two years ago.
The study predicted that consumers would splash out across all sectors of the economy over spring and summer, with the exception being spending on overseas holidays amid uncertainty over international travel.
PwC’s Lisa Hooker said: ‘After a tough year there is now a real sense of anticipation as consumers eagerly await the reopening of non-essential retail, hospitality and leisure. Forced savings during lockdown have led to record levels of optimism.’