The Index of Consumer Sentiment Quarter 1 2023

In Q1 2023, consumer sentiment has bounced back surprisingly strongly, although it remains much lower than its pre-pandemic norm. Things are bad, but consumers are starting to see signs that they may improve.

Sentiment has risen across the board, but the rise is driven by particularly strong improvements in the scores for some types of consumer.

With four years’ worth of data about consumer sentiment in the UK, the Index of Consumer Sentiment is proving its value as an indicator of how customers are feeling, and therefore how they’re likely to behave.

Download the latest report to explore the findings in more detail.

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Consumer sentiment has bounced back surprisingly strongly

The latest index of Consumer Sentiment score is the most positive news we’ve seen for quite some time. Having hit a record low at the end of 2022, consumer sentiment has bounced back 9 points to 64.3.

This shows that consumers have started 2023 with more optimism than they have felt since the beginning of last year.

The key findings

  • The Index for Consumer Sentiment has risen 9 points to 64.3

  • The overall score remains low (10–15 points lower than its pre-pandemic level)

  • Consumers are still experiencing financial challenges, but they are a little more optimistic about the future

  • UK consumer sentiment has increased more steeply than either USA or the EU

  • UK and US sentiment remains low

  • EU consumer sentiment remains higher, but has increased less strongly

TLF Research founder, Nigel Hill, had the following to say in his foreward:

As the level of inflation hit multi-decade highs, especially for every day basics such as food and energy, Q1 2023 has seen a 9% improvement in the Index of Consumer Sentiment.

The detailed findings show that people’s level of confidence about their finances is far from simple.

Download the full report now and let us know if you have any questions.

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