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Supermarket price cuts 'boosts' consumer confidence

Jun 23, 2023 07:57
By News Northern Sound
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Supermarket price cuts 'boosts' consumer confidence

Consumers are very concerned about what is still a very substantial cost of living crisis.

Price cuts by some supermarkets may have contributed to a boost in consumer confidence in June. The good weather may also have made them more upbeat about their spending power.

Economist Austin Hughes says consumers still have financial worries though. "It's still the case that consumer sentiment is subdude. The reading for June is 63.7 and the average for the series is 85.4, so consumers are still fairly cautious.

"That is not surprising because they are very concerned about what is still a very substantial cost of living crisis," he added.

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