Consumer confidence tumbles to new low
Consumer confidence has plunged to a new low in the UK this month as people worry about the outlook for the economy and their personal finances.
Figures from GfK’s UK Consumer Confidence Index show that the overall index score has decreased by five points in September to -49,
Joe Staton, client strategy director at GfK said: “UK consumer confidence tumbled in September to a new low of -49, the worst overall index score since records began in 1974.
“Consumers are buckling under the pressure of the UK’s growing cost-of-living crisis driven by rapidly rising food prices, domestic fuel bills and mortgage payments. They are asking themselves when and how the situation will improve.”
The index measuring the forecast for personal finances over the next 12 months has decreased by nine points to -40 while the measure for expectations for the general economic situation over the same period has deteriorated with an eight-point drop to -68.
However, the major purchase index has remained unchanged this month at -38, which is 32 points lower than the same month last year.
Staton added: ” Today’s mini-budget, and the longer-term agenda to drive the economy and help rebalance household finances, will be the first major opportunity to deliver that improvement. It will also be a major test for the popularity of Liz Truss’s new Government.”
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