Consumer decreased five points in September to -13 in September, 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.
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 2,000 individuals aged 16-years-old and over.
