Team Lightbox’s latest wave of consumer sentiment tracking has found that, overall, Brits are feeling a bit more optimistic and confident about their financial situation.
This data, as well as the insights detailed below, comes from our proprietary tracker, the QT. For those who don’t know, the QT is a quarterly tracking study, running since autumn 2016, to ensure we always have our finger on the pulse of the nation. It features core topics measured quarterly, including consumer confidence, plans to spend across categories, happiness, and more!
The latest fieldwork, conducted in mid-August, found that, compared to pre-General Election, Brits are on average feeling more positive. There was an uptick in the number of people feeling happier, accompanied by a significant drop in those feeling less happy. With good spells of weather and big events (such as the Olympics), it’s no wonder people were feeling cheerier. Positively, this was also accompanied by an improvement in financial sentiment – with a significant decrease in the number of people feeling less comfortable with their income compared to last year.
The end-of-summer optimism has also had an impact on Brits’ intentions to spend, with significant increases in the number of people planning to sustain or increase spending on a range of small-ticket items. The specific items being prioritised include clothing and accessories, eating out and takeaways, as well as other small treats. Any brands operating in this space should certainly look to capitalise on the increased consumer demand, but even in other categories, there is an opportunity to lean into the higher sense of optimism and offer chances for consumers to treat themselves.
It certainly appears that the end of the instability brought on by a General Election has also had an impact on public attitudes. We also saw a significant increase in the level of confidence people hold in institutions – for example, Brits are feeling a lot more positive towards the government and political parties. It’s also noticeable outside of the political sphere, with confidence in financial institutions and trade unions rising. This suggests that brands should focus on engaging with this increased level of confidence and showcase how they can help enact positive change. As always, Team Lightbox will be keeping a close eye on consumer sentiment – and fingers crossed this optimism lasts until Christmas!
Source: the7stars August QT, our proprietary quarterly tracker
