After hitting a record low last month, consumer confidence rebounded in March as Gen Z prepared to spend, with fashion among the top expected items.
According to the British Retail Consortium (BRC), expectations for personal spending on retail increased from -5 last month to 0 over the next three months, while expectations for personal expenditure in general increased from +4 in February to +11 in March.
From -37 in February to -35 in March, consumer expectations for the overall economy over the following three months increased little.
Gen X projected the largest spending reductions for the majority of products, with the exception of food, while Gen Z was predicted to spend more than the previous three months in every category.
Market research company GfK stated in February that consumer confidence had increased significantly, which raised hopes for the retail industry as companies adjusted to the continued economic difficulties. Between January and mid-February, the GfK consumer confidence index improved by two points, from -22 to -20.
