The Retail Pulse Survey, from tracking technology company CONTEXT, also revealed that there has been ‘a marked deterioration’ in confidence over the last quarter among older consumers. In July 2016, 42% of people over 65 said they expected a positive UK economic performance. Now 44% of that age group believe the country’s economy will get worse. 

Adding to this, over a third of consumers expect their personal finances to weaken in the next three months, 36% of consumers expect that they will be able to put less into savings in the next three months, and 37% said they thought that now was a bad time to make big-ticket electrical purchases.

"Against a background of UK household saving now standing at 5.1% – a return to the low levels last seen before the global financial crisis – and unsecured borrowing in July 2016 growing at 10.3% year on year, the survey suggests a potential negative impact on the UK’s retailers this holiday season, with Black Friday almost upon them," said Adam Simon, global retail business managing director at CONTEXT.

Survey findings were based on a nationally representative sample of 1,000 UK adults.