Almost 4 in 10 (37%) adults claim they are confident that their spending levels will increase in 2017. Recent research on behalf of Retail Intelligence by Empathy Research, amongst a nationally representative sample of 1,000 adults aged 18+, sought to understand who is more likely to feel confident as we enter 2017 and which groups are less confident of their financial standing.
Confidence that their spending will increase in 2017 is primarily driven by those aged under 34, with 49% of those aged 18-24 and 41% of those aged 25-34, confident that their spending will increase this year. At the other end of the age spectrum, just under 3 in 10 (29%) of those aged over 55 are confident that their spending will increase this year. Regionally, confidence levels towards increased spending are consistent across all areas of the country (38%), apart from amongst Connacht/Ulster residents, where just 3 in 10 (31%) are confident that their spending will increase in 2017.
Behind this increased intention to spend in 2017 is an expectation from some consumers that they will be better off generally this year, with a third (33%) of adults confident that their financial situation will improve during 2017.
However, despite this intention to increase spend this year, only 1 in 5 (21%) adults are confident that they will get better value for money in 2017, with those aged 45-54 (10%) least confident in the value being delivery to them this year. There is work to do for retailers of all codes, with almost 7 in 10 (69%) adults claiming they are not confident that they will get better value for money in 2017.
For further information and more in-depth analysis on consumers expected financial situation in 2017, please contact Robbie Clarke at Empathy Research. r[email protected]
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