1 minute read
Consumer Confidence Index
by 55 North
BUSINESS INTELLIGENCE
UK consumer confidence falls with all measures down
Shoppers ‘slam on the brakes’ as rising prices, tax increases and the end of the furlough scheme point to a cost of living crisis.
Consumer confidence decreased five points in September to -13, new research reveals.
GfK’s long-running Consumer Confidence Index shows all the measures of confidence – personal finances, the economy, major purchases, and savings – were down in comparison to a month earlier.
Confidence in personal finances over the past 12 months dropped four points to minus four, while the forecast for the next 12 months fell six points to five, although it remains four points higher than this time last year.
Expectations for the economic situation over the coming 12 months fell 10 points to -16, but is still 22 points higher than September last year.
Meanwhile, the Savings Index fell three points to +22 in September; this is only two points higher than this time last year.
Joe Staton, Client Strategy Director GfK, said: “On the back of concerns about rising prices for fuel and food, the growth in headline inflation, tax hikes, empty shelves and the end of the furlough scheme, September sees consumers slamming on the brakes as those already in economic hardship anticipate a potential cost of living crisis.”
Stanton added: “When consumer confidence drops, shoppers tend to spend less, and this dampens the overall economic prospects for the UK. This really is an unwelcome picture if this continues into 2022 and beyond.”
This month’s survey was conducted among a sample of 2,000 individuals aged 16 years old and over.
