Consumer confidence among millennials jumps during lockdown
Consumer confidence among millennials has jumped during the UK coronavirus lockdown, according to the latest research.
Sentiment in the 25 to 34 age group has risen from minus seven in April to 16 this month, a survey tracking expectations of future disposable income and shopping behaviour showed.
The age group has overtaken the 18 to 24 bracket as the most financially optimistic group for the first time as millennials saved money on staying in during lockdown.
Meanwhile, consumers aged between 55 and 64, approaching retirement age, were the most worried about their financial prospects, with a net sentiment of minus 31, according to research by PwC.
Overall sentiment was minus 12, which was a slight improvement on April’s survey when sentiment was minus 26.
Only 19 per cent of adults said that they had lost some or all of their income through job loss or furlough, ranging from 29 per cent of under 25s to 5 per cent of over 65s.
However, 39 per cent of adults said that their financial situation had not been adversely affected since March, and a further 19 per cent said that they had saved more money.
PwC UK consumer markets leader Lisa Hooker said: “Despite the obvious economic impact Covid-19 is having, it seems that sentiment remains resilient for many consumers, and especially those in the 25-34 age bracket, who may have benefited from being more established in their jobs and saving money on going out and holidays
“The results show that some consumers do expect to have more disposable income, and are willing to spend it.
“So, with the planned loosening of restrictions on non-essential retail in June coupled with policies to achieve social distancing, the high street has the potential to benefit from some bounce back and quickly.”