Consumer confidence drops to fourth record low in five months

0
20
C

Consumer confidence has plunged again to a new low amid deep concerns about personal finances in the coming year, figures show.

GfK’s long-term consumer confidence index fell five points to minus 49 in September, the worst since the measurements began in 1974.

The latest low is the fourth in the past five months, with confidence in personal finance falling nine points to minus 40 for the coming year and confidence in the economy falling eight points to minus 68 in the next twelve months. .

See also  FTSE 100 Live: UK growth weaker than expected in July, markets higher

The main buying index, an indicator of confidence in buying big tickets, remained unchanged at minus 38, but is down 32 points from this time last year.

Joe Staton, GfK’s director of customer strategy, said: “Consumers are succumbing to the pressure of the growing cost of living crisis in the UK, driven by rapidly rising food prices, domestic fuel bills and mortgage payments.

See also  Bank says it 'will not hesitate' to intervene in market turmoil

“They wonder when and how the situation will improve.

“Today’s mini-budget and the longer-term agenda to revive the economy and rebalance household finances will be the first major opportunity to make that improvement. It will also be an important test of the popularity of the new government of Liz Truss.”

.

LEAVE A REPLY

Please enter your comment!
Please enter your name here