Caution prevails as shoppers think twice about big ticket items
Three-quarters of UK households do not believe their personal finances will take a short-term hit following the UK's vote to leave the EU, according to a new survey.
More than half of all consumers told Ipsos Mori they believe their own situation will be unchanged over the next six months, while one-fifth said it was likely to improve and 24 per cent said they were bracing themselves for tough times ahead.
Surveys showed that consumer confidence suffered an unprecedented dive immediately after the referendum, though consumer spending is expected to hold up better than other areas of the economy, such as business investment and real estate, over the next few months.
Read more: Bumper GDP may not be here to stay
Despite what Ipsos branded a "keep calm and carry on attitude", more than one-third of those who had planned a big spending decision said they have either cancelled or put the purchase on hold as a direct result of the UK's shock Brexit vote. While two-thirds of respondents said they were not planning on making a big ticket purchase, such as a new car, house or holiday, nineteen per cent of those that had been lining up to splash the cash have delayed the decision, and another nineteen per cent have outright cancelled it.
Furthermore, 38 per cent of people said they were worried about their ability to keep up with regular bills and 39 per cent told the pollsters they were concerned as to whether they could maintain their current shopping habits.