New research out today by VoucherCodes reveals that Brits consumer confidence is set to grow in 2018, with 75 per cent of Brits feeling positive about their finance this year. This comes as Brits’ disposable income is set to rise to £360pcm in 2018, up from £349 last year, despite concerns over Brexit, rising food and utility bills, and the weak pound.
Those feeling positive about their financial situation in 2018 say they have had or are expecting a pay rise (29 per cent) and are planning to be much savvier with their money, either by shopping around for the best deals (25 per cent) or taking the time to budget properly in advance (22 per cent). This is a considerable increase on the 41 per cent who cited feeling positive about their finances at the start of last year – and a sharp contrast to the 25 per cent who are feeling negative about their financial outlook, who cite rising food prices (62 per cent) and household bills (54 per cent), plus concerns over the weak pound (38 per cent) and uncertainty around the ongoing Brexit negotiations (30 per cent) as the main reasons for their gloomier outlook.
Top 10 2018 spending priorities and cut backs:
|Holidays - 39%||Takeaways - 26%|
|House renovations - 16%||Meals out - 24%|
|Pay off personal debt (e.g., credit card) - 14%||Expensive groceries - 21%|
|New car - 9%||Socialising at bars/clubs - 16%|
|White goods and appliances - 8%||Items for the home - 15%|
|High-street clothing - 8%||High-street clothing - 15%|
|Personal technology (e.g. tablet) - 7%||Coffees - 13%|
|Home technology (e.g. TV) - 6%||Holidays - 13%|
|Fitted kitchen - 5%||Personal technology - 11%|
|New bathroom & paying off mortgage - both 4%||Designer clothing & gym memberships - both 10%|
As a nation, we’re also expecting to save more money this year, with the average Brit hoping to squirrel away £221 per month, up 13 per cent on the £196 that Brits managed to save per month in 2017. For those who are planning on saving up this year, the majority (25 per cent) are planning on setting aside money for a holiday in 2019 or beyond, while 15 per cent are planning on topping up their retirement fund and one in ten (10 per cent) are saving up to buy a property. The biggest savers are Londoners, who are aiming to squirrel away £349 per month, followed by those living in Wales (£309) and the East Midlands (£256).
In contrast, the biggest spenders are also living in London – those in the capital are expecting to have a monthly disposable income of £395 per month, followed by residents in the North West (£393) and the South East (£372).
Top Five 2018 regional monthly spenders & savers:
|London - £395||London - £349|
|North West - £393||Wales - £309|
|South East - £372||East Midlands - £256|
|North East - £371||South East - £222|
|South West - £360||East of England - £221|
Paul Lewis, Senior Director of Marketing at VoucherCodes, commented: “It’s reassuring to see the nation feeling positive about their finances for the year ahead, despite ongoing economic uncertainty having an impact on the cost of living for many in the UK. As prices on day to day expenditure continue to rise, we expect to see a rise in Brits shopping around to try and get the best deal for themselves – or indeed making sacrifices and cutting down on smaller indulgences like takeaways and daily coffees to help save up for bigger expenses like holidays.
“To help your budget stretch that bit further, it’s always worth checking to see if there’s a code or deal you could be taking advantage of to make a few extra savings on your shopping. At VoucherCodes our team hand-check each and every code on our site, so you can be confident in that saving when you get to the checkout. You can even save on-the-go with the free VoucherCodes mobile app – taking small steps like these can go a long way in helping you to achieve your spending and saving goals for the year ahead.”
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