European_ConsumerCompass_Q3_2023_WiP06

Savanta Consumer Compass Europe Q3 2023
Key insights by market
Northern Europe
United Kingdom
Germany
Netherlands
The Nordics
Confidence in the UK remains on an
upward trajectory with an increase in
disposable income, though improvements
are slow, and scores remain in negative
territory.
Perceptions of job security have
improved significantly in the latest
period, with 1 in 4 UK consumers saying
that they feel better about their job
situation than a year ago.
However, 1 in 5 UK consumers currently
classify themselves as ‘sufferers’ and this
proportion has increased significantly in
the last quarter. Whilst there are some
signs of recovery in the UK, consumer
confidence remains fragile overall.
German consumers were amongst the
most confident last quarter, but whilst
confidence in some of the weaker
economies has seen continued growth,
Consumer Confidence Index (CCI) in
Germany has reached a plateau this
quarter.
Just under half of consumers feel
that Germany is worse off than other
European countries, and just 1 in 5 feel
the government is doing a good job of
handling the economy.
However, the proportion of consumers
who classify themselves as ‘squeezed’
has declined significantly this quarter,
with a growth in the more stable resilience
groups (‘insulated’ and ‘cautious’),
indicating that Germany is on the slow
and steady road to recovery.
Following strong Q2 scores, numerous
metrics have seen more volatility for
Dutch consumers this quarter, notably a
5-point decrease in CCI and a 9% drop in
perceptions of disposable income levels.
Nonetheless, confidence remains
comparatively strong in this market, with
only Spain outperforming the Netherlands
for CCI and perceptions of disposable
income.
Perceptions around personal job situation
remain strongest in this market in
reflection of the Netherlands having the
second highest employment rate (82.3%),
above all other markets tracked.
Our three Nordic markets have seen
sustained growth across all key metrics,
including CCI, perceptions of disposable
income and job situations.
Subsequently, there has been a drop
in the number of Nordic consumers
categorising themselves as ‘squeezed’ or
‘sufferers’, indicating a growing resilience
and confidence amongst consumers in
these markets.
Nordic consumers also feel relatively
confident about their personal job
situation, only 1 in 5 feel that their job
situation is worse than a year ago, the
lowest of any market tracked.
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