The ‘Financial Outlook 2023’ report from YouGov Profiles also found that 67% of British consumers expect their disposable income to decrease ‘a lot’ in the coming year, compared with 66% of respondents in Germany, 64% in France and 52% in the US.

The study also found that people in European markets have a more pessimistic view on future disposable income compared with those in the US, Mexico and Asia-Pacific.

Of the 18 countries included in the study, Britain’s spending power has been most impacted globally in the last 12 months, with the highest negative impact score at -52%, according to YouGov’s Discretionary Spend Index (DSI).

The report is based on online research with 19,500 respondents across 18 countries and includes data from YouGov Profiles & YouGov BrandIndex. The Great Britain sample size was 2,023 and the fieldwork was carried out between 11^th-25^th October 2022. 

According to a separate report from NielsenIQ, also published today ( 14^th February), 56% of UK consumers say that they are in a ‘worse financial position’ this year compared with a year ago, while 84% of respondents ‘already feel that they are living in a recession’.

The NielsenIQ survey found that 74% of global respondents reported that increased costs of living are to blame for their recent financial struggles, with this figure rising to 83% among UK respondents.

NielsenIQ surveyed a total of 15,698 online respondents globally, across 23 countries. The survey of UK consumers took place between 12^th-23^rd December 2022 with a sample size of 600.