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UK consumer confidence suffers biggest fall since global financial crisis

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The mood among consumers about their finances suffered its biggest fall in March since the financial crisis of 2008 amid the tightest cost of living squeeze in a generation.

PwC’s consumer confidence report shows that UK households are cutting back on discretionary spending like eating out, holidays and fashion due to rising food bills.

“Spending expectations on eating out and going out have plummeted; they are now the lowest categories as consumers look for ways to tighten their spending,” the report said.

“Other discretionary spending should expect to be hit hard, with holidays and fashion spending intentions also seeing substantial falls since last Spring. Pent-up demand and weak comparatives may mean that both categories should see double-digit growth compared with 2021, but neither is expected to reach pre-pandemic heights.”



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