1. Consumers want more control over their data
The majority (80%) of consumers would like more control over what brands do with their data. And 58% agree to terms and conditions without properly reading them – that figures climbs to 70% of consumers aged 18 to 24.
Some 65% of consumers believe their data is of value to companies, but are unaware of how to use this to their advantage. And 71 % of consumers aren’t aware of GDPR.
2. ‘Made in Britain’ label important to UK consumers
Three in four Brits say a ‘Made in Britain’ label would make them more likely to buy a product. More than a third (39%) of UK consumers feel more positively about British brands following the Brexit vote.
Three in five Brits describe British products as ‘quality’, compared to almost 50% of Americans. Some 40% of US consumers say they would be more likely to buy a product with a ‘Made in Britain’ label.
3. Consumers are moving away from traditional banking
More than half (53%) of consumers are already using or willing to move to an online or mobile-only bank.
The most popular reasons for moving include online experience and functionality (58%), more attractive finance rates or fees (29%) and better quality of service (28%).
However, 56% will remain loyal to their bank if they are sent customised offers, while 41% don’t know how their data is being used by banks, and 29% are concerned about how it is being used.
4. Shopper purchasing confidence hits lowest level in more than two years
Only 47% of consumers feel it will be a good time to buy things they may want or need over the next year, compared to 53% before Brexit.
Consumer confidence in the UK stayed at 99 in the third quarter of 2017. However, the level has fallen from a high of 106 just after the Brexit vote. A score over 100 indicates degrees of optimism, below 100, degrees of pessimism.
5. UK households to spend £20bn this Christmas
The average British household spends £726 celebrating Christmas. Gifts for loved ones represent just over half of households’ Christmas expenditure, with an anticipated average spend of £372.
This is followed by £168 for food and drink, socialising (£103) and buying a Christmas tree, decorations, and Christmas experiences (£83).
But how are Brits footing the bill? Two thirds (68%) will cover most of the cost out of their salary, 24% put money aside throughout the year and 18% will use a credit card for some of their spending.
Source: GoCompare Money