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The recovery in consumer confidence “stalled” in August amid concerns on what the Budget will deliver later this month.
That’s the view of the Finance & Leasing Association (FLA) which today released figures showing consumer finance new business fell in August 2024 by 1% compared with the same month in 2023.
Geraldine Kilkelly, director of research and chief economist at the FLA, said: “The consumer finance market was subdued in August and the recent recovery in consumer confidence appears to have stalled amid concerns over what the Budget at the end of October will bring.
“The FLA’s Q3 2024 Industry Outlook Survey suggested that the majority of consumer finance respondents (71%) expected some increase in new business over the next twelve months, although this was lower than in the Q2 2024 Survey.