Consumer confidence falls to lowest level since 2009
GfK’s consumer confidence index has fallen to -32 in October from -30 in September. GFK said this was only the third time that the index had breached -32 and on both previous occasions, June 2008 and March 1990, consumer confidence was entering periods of sustained weakness and the UK economy was going into recession.
Nick Moon, managing director of GfK social research said: “At this point in time, consumers' outlook is becoming increasingly pessimistic about the UK’s general economic situation over the coming year. Additionally, the climate for major purchases has worsened, suggesting the government can’t rely on people spending their way out of the double-dip recession that is likely to be on the horizon.”
The index was based on a survey of 2,000 people on behalf of the European Commission, conducted between 30 September 9 October.
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