As we continue to live with austerity, are we seeing a reduction in the absolute fear factor?
Five years after the crisis hit, UK consumers have embraced thrift in a big way and trust, whether in brands, retailers, institutions or government is in short supply. Only 14% of British people think they’re likely to get a payrise in the next 12 months and if they did get an unexpected windfall most people would save it, pay off the mortgage or pay off debt.
However, over the last 12 months we have seen a slight shift, a reduction in the absolute fear factor. A year ago 30% of people thought they might see a decrease in their income, that’s now reduced to 23%. Only small numbers feel it’s going to improve, but now people are starting to get used to living in a recessionary environment and perhaps the fear that things are going to get worse is starting to reduce.
Watch the video below for more.