Consumer confidence in the state of the economy dropped to -44 in November, down from -35 in October, according to the latest figures from the British Retail Consortium (BRC).

Consumers in the UK responded that their personal financial situation reduced to -16 in November, down from -11 in October.

Shoppers in the UK spending on retail slowed down to +14 in November, lower than +18 in October. However, consumers’ personal savings increased to -5 in November, up from -9 in October.

According to the BRC, public concern about the upcoming Budget has led to a lower consumer sentiment among shoppers.

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Helen Dickinson, chief executive of the BRC, said: “It has been a tumultuous month of Budget speculation and consumer confidence took a tumble.

“Strong hints by the Government earlier this month of income tax rises heightened public concern about their own finances and the wider economy, though the Government has since rowed back.”

She added: “With Christmas fast approaching, public expectations of spending – both on non-food retail goods and across wider spending – fell.

“Though expected spending on groceries did rise to its highest level since the survey began in 2024 as households prepare for Christmas during a period of high food price inflation.”