UK Consumer Report summary
May 2024
Period covered: Period covered: Q1 2024
3 minute read
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.
Total Consumer Spending
Consumer spending increased by 00% QoQ, totalling £338,388 in Q1 2024, though it remained down by 00% YoY suggesting ongoing pressures on household budgets remain despite lower inflation and improving economic conditions.
The QoQ rise was driven by strong performances in food and non-alcoholic beverages (00%), recreation & culture (00%), and furniture & household equipment (00%).
Clothing and footwear (-00%) was the only category to record a fall QoQ, albeit marginally, with sales hampered by unfavourable weather throughout the quarter, impacting sales of seasonal lines.
Food and Non-Alcoholic Beverages
Consumer expenditure on food and non-alcoholic beverages in the UK totalled £00 million in Q1 2024.
Despite the quarterly growth, spending fell by 00% compared to Q1 2023, partly reflecting easing food inflation.
Alcoholic Beverages and Tobacco
Spending on Alcoholic beverages and tobacco experienced a 00% quarterly decrease and a more significant 00% drop year-on-year. The decline could partly reflect consumers new year drive to display healthier lifestyles including challenges like Dry January.
Clothing and Footwear
Clothing and Footwear spending witnessed a 00% quarterly drop and a 00% YoY decline, reflecting a sharp fall in discretionary spending amid unfavourable weather conditions which hampered demand of seasonal lines.
The overall drop in clothing, was driven by a 00% decline in footwear spending although it posted a 00% rise YoY, suggesting some resilience in this category.
Housing, Water, Electricity, Gas and other fuels
Consumer spending on housing and utilities rose by 00% QoQ and 00% YoY, driven by essential services like utilities and housing costs.
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Consumer spending increased by 0.4% QoQ
Source: ONS, Retail Economics analysis
