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During the first three months of 2021, consumer confidence saw a record quarterly rise thanks to the government’s “roadmap” out of lockdown, according to the latest Deloitte Consumer Tracker.
In the firm’s survey of 3,000 UK consumers between 19 and 22 March 2021, while most of the country was still under lockdown measures, consumer confidence increased by 6% to -11%.
Furthermore, consumer confidence in health and wellbeing recovered by 8% over the period to -26% as the UK’s vaccination programme continues to boost the country’s morale and prepare for life post-lockdown.
Ian Stewart, chief economist at Deloitte, said: “The UK is primed for a sharp snap back in consumer activity. High levels of saving, the successful vaccination rollout and the easing of the lockdown set the stage for a surge in spending over the coming months.
“The eventual peak in unemployment looks set to be far lower than had been feared, and far lower than following any downturn in the last 30 years. With employers anticipating a return to the office by Q3 2021 life should start returning to something which, though far from normal, is closer to it.”
He added: “The risk to this upbeat outlook is the emergence of new, vaccine resistant variants and a third wave of cases. With global case rates rising we’re not completely out of the woods.”
