Confidence boosts retail

Consumers positive about the future

Picture credit: Shutterstock/ travellight One quarter of high income households expect to be better off in the next year

AS pandemic restrictions ease, shopper confidence remains strong according to the latest IGD shopper confidence index, with financial confidence hitting a new high.

The latest figures from IGD found shopper confidence just one point below the five year high of April 2021. The data firm reckons this high confidence was driven by the further easing of restrictions, the continued rollout of the vaccination programme and record temperatures for the May bank holiday.

According to IGD, one of the main drivers of strong shopper confidence is individual financial positions, with just 19% of those surveyed expecting to be worse of in the year ahead – the lowest figure on record.

By income, one quarter of higher income households believe they will be better off rather than worse off in the next year, with just 17% expecting to be worse off.

This figure flips for lower income households, with 23% believing they will be worse off and 20% believing they will be better off.

Simon Wainwright, director of global insights at IGD, said: “The continuation of boosted shopper confidence offers a reassuring outlook for retailers, suppliers and operators.

“Overall, shopper confidence is likely to remain positive over the summer as the economy opens up further, more people receive the vaccine and the threat of Covid-19 recedes.

“This elevated confidence creates an opportunity for retailers to focus on engagement with customers to drive additional and unplanned purchases.”