The Deloitte Consumer Tracker always gives some good insights in to consumer behaviours. Despite the economic uncertainty around Brexit, consumers still have high levels of confidence in their own finances.
A slight downturn in Q1 after Christmas spend is inevitable. But what about my Q2 predictions?
Having worked in the Garden and DIY sector heavily in the last 12 months, Q2 will always be a strong quarter for this sector.
Also, with Euro 2016, the Olympics, and throw in some sunny weather, consumer confidence and spending will only become stronger as the year goes on in my opinion. Finally, once a decision on Brexit is made this will also have an impact after 23rd June.
Most consumers continue to spend more on essentials; the majority have reduced spending on small and big ticket discretionary items in the seasonal downturn following Christmas. More consumers are now adopting expansionary behaviours and fewer are being defensive in their spending compared to this time last year.