UK declined to 9th from 2nd in Europe's consumer confidence rankings post-Brexit vote

Reuters out with the outcome of a survey published on Thursday by the market research firm Nielsen on the UK’s consumer confidence after the Brexit vote.

Key Findings:

53% of Britons scrimped between April and June - the highest proportion since 56 percent did so during the same period of 2015

This marked a swing back towards household cost-cutting over the course of the past year, which had been at its lowest level on record - 40 percent - in the two months after the Brexit vote in June 2016

Britain declined from second in Europe's consumer confidence rankings just before the Brexit vote to the ninth now

Shoppers have changed their behaviour in a way that is reminiscent of the aftermath of the financial crisis in 2008/9, said Steve Smith, managing director of Nielsen UK and Ireland

Thirty percent of respondents cited switching to cheaper grocery brands as their money-saving tactic, with another 27 percent working to save on gas and electricity

A quarter of respondents spent less on new clothes and take-away meals, while fewer were willing to cut down on out-of-home entertainment, holidays and alcohol.