a worried nation the deloitte consumer tracker · 2020-05-12 · the deloitte consumer tracker q4...
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A worried nationThe Deloitte Consumer TrackerQ4 2018
ContentsPrevious
Latest
-7%-9%
Overall consumer confidence (q/q)*
Previous
Latest
-19%-21%
Confidence inlevels of disposable income (q/q)*
Previous
Latest
-6%-6%
Confidence in levels of debt (q/q)*
Previous
Latest
-5%-7%
Confidence in job security (q/q)*
Previous
Latest
1%-3%
Confidence in job opportunities (q/q)*
Consumer confidence
Deloitte consumer confidence index 04
Individual measures of confidence: 05
Household disposable income 06
Levels of debt 07
Job security 08
Job opportunities and career progression 09
General health and wellbeing 10
Children’s education and welfare 11
The wider economy and consumer confidence
Falling inflation and rising wages, the bright 13 spots of the economy
Unemployment close to its lowest level since 14 the 1970s
Consumer appetite for unsecured borrowing 15 is waning
Consumer spending
Essentials vs discretionary spending 17
Inflation by category 18
Consumer spending by category 19
Retail sales 20
Car registrations 22
Essential vs discretionary spending outlook 23
Consumer spending by category outlook 24
The last word 25
The last, last word 26
Authors 27
*Net balances
Q4 2018 at a glance
Consumer confidence
03
The Deloitte Consumer Tracker Q4 2018
Deloitte consumer confidence index*
Net % of consumers who said their level of confidence has improved in the past three months
-18
-16
-14
-12
-10
-8
-6
-4
-2
0
Source: The Deloitte Consumer Tracker
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
Confidence falls for the second consecutive quarterIn Q4 2018 Deloitte’s consumer confidence index fell 2 percentage points to -9% from -7% in Q3 2018. Confidence is at its lowest level since Q2 2017.
*�The�Deloitte�consumer�confidence�index�is�an�average�of�the�net�%�of�consumers�who�said�their�level�of�confidence�improved�in�the�past�three�months�for�six�individual�measures�of�confidence�(see�next�slide).
04
The Deloitte Consumer Tracker Q4 2018
Our overall confidence index is based on six individual measures of confidence
Individual measures of consumer confidence
Levels of debt
Job opportunities/career progression
General health and wellbeing
Job security
Children’s education and welfare
Current Q4 2018net balances*
% point change quarter-on-quarter
Q3 2018
% point change year-on-year
Q4 2017
Household disposable income
0 -3
-2 -4
-2 0
-4 -2
-1 -2
-2 -4-21%
-6%
-7%
-3%
-17%
-1%
Source: The Deloitte Consumer Tracker*for a definition of 'net balances' please see 'a note on the methodology' on page 27
05
The Deloitte Consumer Tracker Q4 2018
Consumer confidence about their household levels of disposable income
Sentiment in levels of disposable income fell this quarter Confidence in levels of disposable income fell by 2 percentage points. The fall in inflation since August and real wage growth have not yet permeated through to consumers.
Net % of consumers who said that their confidence in their levels of household disposable income has improved in the past three months
-44
-40
-36
-32
-28
-24
-20
-16
-12
-8
-4
0
Source: The Deloitte Consumer Tracker
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
06
The Deloitte Consumer Tracker Q4 2018
Consumer confidence about their levels of debt
Net % of consumers who said that their confidence in their levels of debt has improved in the past three months
-16
-14
-12
-10
-8
-6
-4
-2
0
Source: The Deloitte Consumer Tracker
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
Sentiment surrounding levels of debt remained stableThere was no change in consumer sentiment about levels of debt this quarter after it fell by 5 percentage points the previous quarter, the greatest drop since Q2 2012. Sentiment about levels of debt remaining flat coincided with household borrowing easing, a sign that consumers do not feel now is a good time to take on new financial commitments.
07
The Deloitte Consumer Tracker Q4 2018
Consumer confidence about job security
Optimism surrounding job security droppedIn light of heightened political and economical uncertainty, the lowest unemployment rate since the mid-1970s was not enough to boost confidence about the job market.Consumer sentiment about job security dropped by 2 percentage points, and is now at its lowest level since Q2 2016.
Net % of consumers who said that their confidence in their job security has improved in the past three months
-16
-14
-12
-10
-8
-6
-4
-2
0
Source: The Deloitte Consumer Tracker
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
08
The Deloitte Consumer Tracker Q4 2018
Consumer confidence about job opportunities
Consumer confidence about job opportunities falls Sentiment surrounding job opportunities fell by a further 2 percentage points this quarter, back to levels last seen a year ago.
Net % of consumers who said that their confidence in their job opportunities and their career progression has improved in the past three months
-16
-14
-12
-10
-8
-6
-4
-2
0
2
Source: The Deloitte Consumer Tracker
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
09
The Deloitte Consumer Tracker Q4 2018
Consumer confidence about their general health and wellbeing
Consumers were less confident about their general health and wellbeing this quarter Consumer confidence in their general health and wellbeing dropped by 4 percentage points quarter-on-quarter from -13% to -17% in Q4 2018.
Net % of consumers who said that their confidence in their general wealth and wellbeing has improved in the past three months
-20
-18
-16
-14
-12
-10
-8
-6
-4
-2
0
Source: The Deloitte Consumer Tracker
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
10
The Deloitte Consumer Tracker Q4 2018
Consumer confidence about their children’s education and welfare
Sentiment about children’s education and welfare falls this quarter Consumer confidence in their children’s education and welfare fell by 1 percentage point and enters into negative territory again.
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
Source: The Deloitte Consumer Tracker
Net % of consumers who said that their confidence in their children s education and welfare has improved in the past three months
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
11
The wider economy and its impact on consumer confidence
12
The Deloitte Consumer Tracker Q4 2018
Falling inflation and rising wages, the bright spots of the economy
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
CPI Inflation vs average earnings (inc. bonuses) (year-on-year % growth)
Source: Thomson Reuters
CPI inflation Average earnings including bonuses
Dec
200
8M
ay 2
009
Oct
200
9M
ar 2
010
Aug
2010
Jan
2011
Jun
2011
Nov
201
1Ap
r 20
12Se
p 20
12Fe
b 20
13Ju
l 201
3D
ec 2
013
May
201
4O
ct 2
014
Mar
201
5Au
g 20
15Ja
n 20
16Ju
n 20
16N
ov 2
016
Apr
2017
Sep
2017
Feb
2018
Jul 2
018
Dec
201
8
Among the bright spots for the economy are falling levels of inflation and rising average wages In particular, with wage growth having risen to a decade high in November and inflation falling back closer to the two per cent target set by the Bank of England in December, consumers should be receiving decent rises in their real wages.
13
The Deloitte Consumer Tracker Q4 2018
Unemployment close to its lowest level since the 1970s
0
1
2
3
4
5
6
7
8
9
10
UK unemployment rate (all aged 16 and over)
Source: Thomson Reuters
Sep
2008
Jan
2009
May
200
9Se
p 20
09Ja
n 20
10M
ay 2
010
Sep
2010
Jan
2011
May
201
1Se
p 20
11Ja
n 20
12M
ay 2
012
Sep
2012
Jan
2013
May
201
3Se
p 20
13Ja
n 20
14M
ay 2
014
Sep
2014
Jan
2015
May
201
5Se
p 20
15Ja
n 20
16M
ay 2
016
Sep
2016
Jan
2017
May
201
7Se
p 20
17Ja
n 20
18M
ay 2
018
Sep
2018
Low unemployment should mean faster wage risesWith the unemployment rate at a 43-year low (4 per cent in the three months to November), rising skills shortages seem likely to exert upward pressure on wages.
14
The Deloitte Consumer Tracker Q4 2018
Consumer appetite for unsecured borrowing is waning
-3
0
3
6
9
12
Unsecured lending to individuals
Source: Thomson Reuters
UK consumer credit – Net unsecured lending to individuals (% year-on-year)
Nov
200
8M
ar 2
009
Jul 2
009
Nov
200
9M
ar 2
010
Jul 2
010
Nov
201
0M
ar 2
011
Jul 2
011
Nov
201
1M
ar 2
012
Jul 2
012
Nov
201
2M
ar 2
013
Jul 2
013
Nov
201
3M
ar 2
014
Jul 2
014
Nov
201
4M
ar 2
015
Jul 2
015
Nov
201
5M
ar 2
016
Jul 2
016
Nov
201
6M
ar 2
017
Jul 2
017
Nov
201
7M
ar 2
018
Jul 2
018
Nov
201
8
However UK consumer credit growth cools to lowest rate in 3 years Although UK household debt remains historically high, the annual rate of consumer credit growth fell to its slowest rate since March 2015 in November a sign of the slowdown in consumer spending since the summer. UK consumer borrowing helped to sustain the economy after the Brexit vote as savings ratios fell to historic lows, however the appetite for further spending could diminish as households rebuild their savings and house price growth slows.
15
Consumer spending
16
The Deloitte Consumer Tracker Q4 2018
Essentials vs discretionary spending
-20
-16
-12
-8
-4
0
4
8
12
16
20
Net % UK consumers spending more by category in the last three months
Source: The Deloitte Consumer Tracker
Essential Discretionary
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
The fall in confidence in personal finances resulted in more muted spending growth than expected in what is known as the golden quarterOverall, net spending on essentials and discretionary categories were up by 3 percentage points (to 13 per cent from 10 per cent) and 4 percentage points (to 0 per cent from -4) respectively compared to the previous quarter.
17
The Deloitte Consumer Tracker Q4 2018
Inflation closer to the Bank of England 2% target
CPI inflation by category (% change y/y)
-1 0 1 2 3 4 5 6
Clothing and footwear
Miscellaneous goods and services
Furniture, HH equipmentand repair of the house
Food and non-alcoholic beverages
Health
Recreation and culture
Housing, water and fuels
Communication
Hotels, cafes and restaurants
Education
Transport
Alcoholic beverages, tobaccoand narcotics
Total inflation
0.7%
Source: Thomson Reuters
December 2017 December 2018
3.0%2.1%
5.6%4.1%
3.8%3.4%
2.8%3.1%
3.1%3.1%
1.0%2.9%
2.3%2.8%
2.8%2.7%
3.2%2.3%
3.9%
3.2%0.4%
0.8%0.1%
3.1%-0.9%
CPI inflation falls to 2.1 per cent in DecemberThe drop was largely due to the fall in the price of transport related items, such as fuel prices and airfares.Compared to a year ago there was quite a significant fall in the price of clothing, food and drinks and furniture and homeware.
18
The Deloitte Consumer Tracker Q4 2018
Consumer spending in the last three months
Net % UK consumers spending more by category over the last three months
-20 -15 -10 -5 0 5 10 15 20 25 30 35Furniture and homeware
Going outElectrical equipment
Major household appliances Education
Restaurants and hotelsHolidays
Clothing and footwearPensions and insurance
Alcoholic beverages and tobaccoPhone & Internet
HousingHealth
TransportUtility bills
Grocery shopping
Less spending
Mor
e sp
endi
ng
Source: The Deloitte Consumer Tracker
Q3 2018 Q4 2018
Consumers prioritised their spending differently and directed more of their cash on experiences In the lead up to Christmas, there was the expected seasonal growth in spending for the grocery, clothing and alcohol categories. The more surprising results came from the leisure sector. Net spending in restaurants was up by 6 percentage points while going out was up by 11 percentage points compared with the previous quarter.
19
The Deloitte Consumer Tracker Q4 2018
Retail sales (excl. fuel SA)
Source: Thomson Reuters
% change in volume and value year-on-year
Volume Value
Aug
2008
Dec
200
8
Apr
2009
Aug
2009
Dec
200
9
Apr
2010
Aug
2010
Dec
201
0
Apr
2011
Aug
2011
Dec
201
1
Apr
2012
Aug
2012
Dec
201
2
Apr
2013
Aug
2013
Dec
201
3
Apr
2014
Aug
2014
Dec
201
4
Apr
2015
Aug
2015
Dec
201
5
Apr
2016
Aug
2016
Dec
201
6
Apr
2017
Aug
2017
Dec
201
7
Apr
2018
Aug
2018
Dec
201
8
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
20
The Deloitte Consumer Tracker Q4 2018
Retail sales (excl. fuel SA) (continued)
Sales growth defies expectationsOur Tracker results are aligned to the slowing growth in official retail sales during the last quarter of 2018. According to the Office for National Statistics, UK retail spending in value in Q4 2018 was down slightly (-0.3 per cent) compared with the previous three-month period, but was up 3.5 per cent compared to the same period in 2017. More restrained retail sales point to the structural challenges around cost and competition in the sector. However, looking at individual retailers, there is some clear divergence of performance across categories and retail business models. There was slower growth in non-food sales, particularly in clothing sales where heavy and extended discounting failed to attract buyers. By contrast, online retailers continued to report strong growth, outperforming the high street. Online spending now accounts for 20 per cent of all retail spending, a new record.
Q4 2018:
Retail�sales�(excl.�fuel) +3.5%�y-o-yOnline sales +13.3%�y-o-yStore�sales�(excl.�fuel) +0.9%�y-o-y
59%�of�the�growth�came�from�online�(£8.7bn�out�of�£14.6bn).
21
The Deloitte Consumer Tracker Q4 2018
UK car registrations
-40
-30
-20
-10
0
10
20
30
40
50
60
Source: The Society of Motor Manufacturers and Traders (SMMT)
UK car registrations % change year-on-year
Dec
200
8M
ay 2
009
Oct
200
9M
ar 2
010
Aug
2010
Jan
2011
Jun
2011
Nov
201
1Ap
r 20
12Se
p 20
12Fe
b 20
13Ju
l 201
3D
ec 2
013
May
201
4O
ct 2
014
Mar
201
5Au
g 20
15Ja
n 20
16Ju
n 20
16N
ov 2
016
Apr
2017
Sep
2017
Feb
2018
Jul 2
018
Dec
201
8
Sharp decline in car registrations as consumers shy away from major purchases The UK new car registration declined at the fastest rate since the global economic crisis by 6.8 per cent in 2018, according to the Society of Motor Manufacturers and Traders (SMMT).
A 5.5 per cent decline in December capped a turbulent year of regulatory upheaval and continued anti-diesel policies, adding to the ongoing decline in consumer and business confidence.
22
The Deloitte Consumer Tracker Q4 2018
Outlook for consumer spending – essential vs discretionary spending
-20
-15
-10
-5
0
5
10
Net % of UK consumers spending more by category over the next three months
Source: The Deloitte Consumer Tracker
Essential Discretionary
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
Consumer spending expected to slow in Q1 2019The outlook for consumer spending on both discretionary and essential categories suggests that consumers intend to rein in their spending over the next three months.
23
The Deloitte Consumer Tracker Q4 2018
Outlook for consumer spending – by category
Spending will slow across nearly all categoriesConsumers enter 2019 in a cautious mood. In Q1 2019, consumers are expecting to spend less all categories but on holidays and furniture.
Net % UK consumers spending more by category over the next three months
-25 -20 -15 -10 -5 0 5 10 15 20 25Alcoholic beverages and tobacco
Clothing and footwear
Going out
Restaurants and hotels
Electrical equipment
Major household appliances
Furniture and homewareEducation
Landline/mobile phone, internetand cable/TV subscriptions
Pensions and insuranceHolidays (long break)
Health
Grocery shopping for food andnon-alcoholic beverages
TransportHousing
Utility bills
Less spending
Mor
e sp
endi
ng
Source: The Deloitte Consumer Tracker
Q3 2018 Q4 2018
24
The Deloitte Consumer Tracker Q4 2018
The last word
UK consumer confidence continued to decline in Q4 2018, according to data from the Deloitte Consumer Tracker. Our consumer confidence index fell 2 percentage points to -9 from -7 in Q3 2018. Confidence has now fallen for the second consecutive quarter, a sign that consumers have become more cautious.
Takeaway 1This quarter’s fall in overall confidence compared to Q3 2018 was due to a decline in sentiment in five of our six confidence measures.Increasing political uncertainty and negative business reports have had an impact on consumers’ sentiment about their personal finances and job security. The fall in these measures contrasts with macroeconomic indicators that paint a stronger picture for the consumer. In particular, with wage growth having risen to a decade high in October and inflation falling back closer to its two per cent target in December, consumers should be receiving decent rises in their real wages.
Takeaway 2The fall in confidence resulted in more muted spending growth than expected in the golden quarter. Overall, net spending on essentials and discretionary categories were up by 3 and 4 percentage points respectively compared to Q3 2018.
In the lead up to Christmas, there was the expected seasonal growth in spending for the grocery, clothing and alcohol categories. However, on a year on year basis, spending fell not only on essentials but also on big-ticket items such as electrical goods and furniture. Grocery spending also slowed compared to Q4 2017, a result of falling inflation and, people switching to cheaper stores in their search for better value.
Takeaway 3The more surprising spending results came from the leisure sector.Net spending in restaurants was up by 6 percentage points while going out was up by 11 percentage points compared with Q3 0218. In a sign that this was not simply due to the seasonal effect, net spending in leisure categories also increased significantly year on year by an average of 4 percentage points. We believe that the growth in leisure spending was driven by more than just lower transport and food prices. Consumers prioritised their spending differently and directed more of their cash on experiences while consciously reducing their spending on big-ticket product categories.
Takeaway 4Consumers enter 2019 in a cautious mood.Prospects for consumer confidence over the next year will be closely linked to how, or indeed if, the UK leaves the EU.
With the UK economic fundamentals remaining solid, and unemployment at historic lows, a reduction in Brexit uncertainties could deliver a rebound in consumer confidence and spending.
25
The Deloitte Consumer Tracker Q4 2018
Ian Stewart Chief Economist, Deloitte
Recent data, in the form of record employment, higher earnings and falling inflation are great news for UK consumers. But consumers are more focussed on Brexit worries at home and the clouds gathering over the global economy.
Work may be easier to find than for decades and pay may be rising, but today’s decline in confidence shows that consumers spirits are heavily influenced by expectations.
Ben Perkins Head of Consumer & Industrial Products Research
The findings this quarter reveal that consumers are getting ahead of the positive macro-economic data as they anticipate bad times ahead.
The fall in confidence resulted in more muted spending growth than expected during the golden quarter.
Consumers enter 2019 in a cautious mood. As a result we expect spending to continue to slow especially in the big-ticket item categories.
Simon OatenTransport, Hospitality and Leisure lead partner
The growth in leisure spending this quarter contrasts with the rest of the consumer landscape.
Recent growth in spending on restaurants, leisure facilities and travel was driven by more than just falling prices. Consumers are consciously choosing to spend on experiences over products in an era of the ‘lifestyle experience’.
The last, last word
Ian Geddes Retail lead partner
2018 was a tough year for UK retail. Many retailers found themselves in an uncomfortable position as margins were squeezed between weakening demand and rising costs. For some retailers it was a fight for survival, others have already closed their door for the last time. In fact, in the last year we have seen an acceleration in the number of store closures as under-pressure retailers tried to restructure their business.
The industry is going through a significant transformation from a predominantly store-based past to a digital future. With more innovation than ever before, new channels appearing and opportunities to grow both at home and abroad, retail is not dying, it is being re-invented.
26
The Deloitte Consumer Tracker Q4 2018
Authors
Ben Perkins Contributor Head�of�Consumer� and�Industrial�Products�Research
[email protected]+44 20 7007 2207
Celine Fenech Author Manager,�Consumer�and�Industrial�Products�Research�
[email protected] +44 20 7303 2064
A note on the methodologySome of the figures in this research show the results in the form of a net balance. This means that in a survey of 100 respondents, assume that 30 reported they are spending more, 50 reported no change and 20 reported they are spending less. The net balance is calculated by subtracting the number that reported they spent less from the number that reported they spent more, i.e. 30 – 20 = 10. This means 10% of consumers reported that they spent more rather than less.
27
This�document�is�confidential�and�it�is�not�to�be�copied�or�made�available�to�any�other�party.�Deloitte�LLP�does�not�accept�any�liability�for�use�of�or�reliance�on�the�contents�of�this�document�by�any�person�save�by�the�intended�recipient(s)�to�the�extent�agreed�in�a�Deloitte�LLP�engagement�contract.�
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Deloitte�LLP�is�the�United�Kingdom�affiliate�of�Deloitte�NWE�LLP,�a�member�firm�of�Deloitte�Touche�Tohmatsu�Limited,�a�UK�private�company�limited�by�guarantee�(“DTTL”).�DTTL�and�each�of�its�member�firms�are�legally�separate�and�independent�entities.�DTTL�and�Deloitte�NWE�LLP�do�not�provide�services�to�clients.�Please�see�www.deloitte.com/about�to�learn�more�about�our�global�network�of�member�firms.
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Designed�and�produced�by�368�at�Deloitte,�London.�J17299
The�Deloitte�Consumer�Tracker�is�based�on�a�consumer�survey�carried�out�by�independent�market�research�agency,�YouGov,�on�Deloitte’s�behalf.
This�survey�was�conducted�online�with�a�nationally�representative�sample�of�more�than�3,000�UK�adults �aged�18+�between�4�and�7�January�2019.