KPMG survey reveals split in South East consumer confidence

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TBM Team

A recent KPMG survey sent to 3,000 UK consumers about their financial confidence and spending intentions for the coming twelve months has revealed a real split in consumer confidence across the South East:

A third (29%) of consumers in the South East feel more secure in their financial circumstances for the year ahead than they did in 2021.
Half (46%) said they felt no more or less secure.
Whilst a quarter (24%) said they are heading into 2022 feeling less secure.
2% preferred not to say.

At the same time, three times as many younger people than older consumers across the UK stating they felt more financially secure for 2022 than 2021.

Commenting on the survey findings, Linda Ellett, Head of Consumer Markets, Leisure and Retail at KPMG UK, said:

“Businesses, facing mounting cost pressures, will be hoping that the effectiveness of the booster programme leads to a feel-good factor that increases spending intention further.”

A fifth of consumers (22%) in the South East said a holiday will be their most expensive purchase in 2022, followed by property at 15% (whether purchase or extension/renovation), whilst one in ten said a household appliance.

Value for money, quality, and convenience, were the top three purchasing considerations for both 2021 and 2022.

In the South East, a third of consumers said they will consider sustainability more in 2022 than they did when purchasing goods and services in 2021. 63% said they would give the same consideration as in 2021, whilst only 4% said less consideration.

TBM Team