Consumer confidence fell by five points in September to -49, setting yet another record low, according to GfK’s long-running Consumer Confidence Index.
Four measures of consumer confidence were down in comparison to the previous figures, releaseed on 19 August, while one measure was one was flat.
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. There have been new lows in four out of the last five months and all measures are once again severely depressed. Especially worrying are the two key future-facing indicators on personal finances in the coming year and the economy in the next 12 months.
“These numbers are where many forecasters look for signs of economic optimism among consumers and the results deliver very bad news in that respect. 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.”
This month’s survey was conducted among a sample of 2,000 individuals aged 16-years-old and over.
