· A quarter of 18-34-year-olds are stockpiling for Brexit
· Discount shops the biggest winners as Brits rein in spending
· Just a third confident about the UK’s prospects
Laura Suter, personal finance analyst at investment platform AJ Bell:
“Brits nervous about the prospects for the UK economy have slashed their spending and are penny pinching to make their cash go further. Consumer spending grew by a very sluggish 1.3% in August, less than a third of the growth we saw in August last year.
“The picture is starkly different to this time last summer, when Brits were making the most of the long hot summer, spending liberally in pubs, on food for BBQs, in garden centres and on festivals and other entertainment. This August the story is one of stockpiling, discount shops and cutting back.
“The largest growth in spending was in discount retailers, as we all look to get more for our money, providing a boost for some shops. Almost a quarter of young people are now stockpiling goods in anticipation of shortages in the future, while a fifth of all age groups are hoarding items like tinned food and dried goods.
“As ever the bright spot remains spending in pubs and restaurants, which both saw around 10% increases in spending, as people enjoyed the last of the summer drinking. This hasn’t helped to make Brits any more positive though, with only a third being confident of the UK’s future prospects.”