A new survey finds British consumers were at their most confident in five years in September, though not in London which mostly voted against Brexit.
ADVERTISEMENTA new survey by consultancy firm Deloitte found British consumers were at their most confident in five years in September despite the Brexit vote.
The quarterly survey of 3,000 UK consumers showed confidence rose by three percentage points from the last time they were questioned.
But that was not the case everywhere; in London where 60 percent of voters opposed leaving the European Union in the June referendum and consumer sentiment fell by three percentage points.
“The Brexit vote may be weighing on a region in which 60 percent of the population voted to remain (in the EU) and where reliance on financial services, migration and capital flows are especially strong,” Ian Stewart, chief economist at Deloitte, said.
Deloitte warned consumer spending growth could slow down in 2017 and beyond.
With the value of the pound against other currencies slumping, inflation is expected to rise which will push up prices, eroding how much shoppers are able to buy.
5 out of our 6 confidence measures increased between Q2 and Q3. Read the Deloitte Consumer Tracker Q3 out today https://t.co/Fpp0BhczMD
— Deloitte UK (@DeloitteUK) October 17, 2016
The official retail sales figures for September, which are due out on Thursday, are expected to show growth slowing.
