The Deloitte Consumer Tracker found that UK consumer confidence fell for a fifth consecutive quarter in Q3 2022, reaching a record low of -20%, twice as low as a year ago.

Spending power also remained significantly strained, as consumer sentiment around levels of debt also reached the lowest levels on record, at -17%.

Both essential and non-essential spending declined for a second consecutive quarter, decreasing by 2% and 1%, indicating that consumers are cutting back across all areas.

Around 30% of consumers said they are now spending less, up from 21% at the start of the year. Of these consumers, 58% said they are spending less to save money.