Consumer confidence remains weak ahead of Christmas

Figures from the BRC-Opinium survey, which was conducted between 12 and 15 November, revealed that consumer expectations of their personal financial situations over the next three months improved slightly to -3 in November, up from -4 in October.

Consumers' plans for personal spending on retail rose slightly to 3 in November, up from 2 in October. Elsewhere, personal spending overall and personal saving remained flat at 17 and -9 respectively.

However, people's expectations for the state of the economy worsened to -19 in November, from -17 in October.

Helen Dickinson, CEO of the BRC, said: "There was little shift in consumer confidence since the Chancellor’s Budget, with many worried about the economy in the lead up to Christmas. The last month clearly did little to shift the dial for households either positively or negatively, however, the same cannot be said for the retail industry.

"With over £7bn in additional costs in 2025 resulting from the Budget, retailers will have little choice but to raise prices or reduce investment in jobs and shops. To mitigate this, government must ensure that changes to the business rates system, planned for 2026, bring about a meaningful reduction in bills for all retailers."

Last week, almost 80 retail bosses signed a letter from the BRC to the chancellor warning on the impact of the Budget, which has made "job losses inevitable, and higher prices a certainty".