Consumer trust and satisfaction in February 2024

Summary

• Trust levels showed further signs of gradual recovery in the last quarter across most of the sectors that we collect data for, such as the food and groceries industry, water industry, and banking sector
• There were increases in consumers’ satisfaction with their levels of savings (net satisfaction of +5) and standards of living (+42). Despite this, the majority of UK consumers (65%) remain dissatisfied with the direction that the UK is going in, with only 13% satisfied
• Pensioners were consistently more satisfied with various aspects of their lives than other family groups, but were less satisfied than working age parents with the direction of the UK

You can view more data and articles from our monthly tracker survey on our dedicated Consumer Insight Tracker page.

Most sectors saw small improvements in trust levels in the last quarter

In February’s tracker survey we saw marginal increases in consumers’ trust levels across most of the sectors that we collect data for when compared to November 2023. Net trust (% of those who say they trust a sector to act in their best interest - % who don’t trust) remained highest in the food and groceries sector at +41 (54% trust, 13% don’t trust), followed closely by the banking sector (+32). Trust in the banking sector overtook the water sector (+27) for the first time since we started collecting this data in 2012, becoming the second most trusted sector. At the other end of the spectrum, trust in the insurance sector (-19) and social media platforms (-48) remained very low.         

Looking closer at the food and groceries sector, net trust increased by 5 points this quarter to +41, showing further recovery in consumer trust following the record low of +30 in August 2023. Consumers' falling levels of trust in 2022 and 2023 were likely reflective of the effects of food inflation, where the overall price of food and non-alcoholic beverages rose by around 25% between January 2022 and January 2024. The last two quarters’ improvement in trust likely reflects the more recent fall in the food and non-alcoholic beverages inflation rate to 7% in January 2024 (which is still relatively high by historical standards). Despite this, trust in the food and groceries sectors remains significantly lower than the record high level in May 2020 (+68), showing that trust is still much lower than the pre-cost of living crisis levels.  

The same story was also observed for the gas and electricity industry, for which trust levels continued to recover for the sixth consecutive quarter, hitting -6, up from the record low of -43 in August 2022. Despite this, more consumers remain untrusting of the sector (31% trust and 37% don’t trust). 

Consumer trust in most sectors see small improvements  

Improved satisfaction with personal circumstances, weariness of the UK as a whole

February saw small increases in consumer satisfaction in their household’s standard of living and household’s level of savings. Net consumer satisfaction (% satisfied - % dissatisfied) in their standard of living increased in the last quarter by 9 points to +42. Net satisfaction for household level of savings increased by 5 points to +5. This is the first occasion that consumer satisfaction in the level of their household savings has been net positive (more consumers satisfied than dissatisfied) since February 2022. This may be reflective of recent high interest rates benefiting savers.

Very low satisfaction in the direction of the UK as a whole remained this quarter, with a net satisfaction score of -51. This is calculated from 64% of consumers revealing that they are dissatisfied with the direction of the UK and only 13% of consumers satisfied. This is a continuation of the extremely low levels of satisfaction with the direction of the UK as a whole across the last two years. It should also be noted that net satisfaction in the direction of the UK has never been above zero since we started collecting data in May 2017, the closest to parity being in May 2021 when it hit -2.

While satisfaction with personal circumstances improve, low satisfaction with the direction of the UK as a whole remains

Higher level of personal satisfaction amongst pensioners

When asked the extent to which consumers were satisfied or dissatisfied across their household living, general living standards and savings, pensioners have always been and continued to be more satisfied than other groups of consumers (working age adults).

• Household standard of living: Net satisfaction in their household standard of living was +65 amongst pensioners, compared to +36 amongst working age non-parents and +33 amongst working age parents
• Household level of savings: Net satisfaction in their household level of savings was +37 amongst pensioners, compared to -4 amongst working age non-parents and -13 amongst working age parents
• Life overall: Net satisfaction in their life overall was +57 amongst pensioners, compared to +31 amongst working age non-parents and +42 amongst working age parents

Despite pensioners being more satisfied across these metrics, they were less satisfied with the direction of the UK as a whole (-54) than working age parents (-37).

Pensioners have higher levels of satisfaction in their household standard of living, levels of savings and life overall

Summary

The data collected in this quarter indicated a slight improvement with consumer trust across most sectors, showing early signs of recovery from record low levels during the height of the Cost of Living Crisis. The data also indicates a small growth in contentment with the people’s personal circumstances, but a strong dissatisfaction with the direction of the UK as a whole remains.

Methodology

The fieldwork was conducted by Yonder on behalf of Which between 7th and 8th February 2024. A sample of 2,068 consumers was surveyed online and weighted to be nationally representative.