Consumer confidence declines ahead of Budget announcement
Consumer confidence has declined in the UK this month as people brace themselves for the upcoming Budget announcement.
GfK’s long running Consumer Confidence Index has dropped by two points to -19.
While the index measuring expectations for personal finances over the next 12 months is down two points to 1, the indicator for the general economic outlook has fallen by two points to -32. This is six points worse than November last year.
Meanwhile, the major purchase index has declined by three points to -15.
Subscribe to TRBNeil Bellamy, consumer insights director at GfK, an NIQ Company, said: “This is a bleak set of results as we head towards next week’s Budget.
“A fall across all five measures suggests the public is bracing for difficult news, with little in the current climate to lift expectations.
“The continued erosion of confidence is evident in the forward-looking measures for both personal financial situation and the general economic situation, which are each down by two points.
“The three-point drop in the major purchase index is also troubling at this time of year, suggesting households are tightening their grip just as retailers move into a crucial trading period.
“In such conditions, the Budget offers a timely chance to provide the clarity and reassurance that consumers are struggling to find on their own.”
