Consumer confidence fell by three points in January to -45, according to new data from market research firm GfK.
The company’s long-running Consumer Confidence Index reveals four measures of confidence were down in January, while one measure was up, compared to the 16 December announcement.
Joe Staton, Client Strategy Director at GfK, said: “Consumers have a New Year hangover – but it’s of the economic kind – with high levels of pessimism over the state of the wider economy. And unlike a conventional hangover, this one won’t vanish quickly.
“The only glimmer of hope in the results is a slight uptick in the outlook for our personal financial situation, but this is of little comfort because it is still 25 points lower than this time last year.”
He added: “With inflation continuing to swallow up pay rises, and the prospect of some shocking energy bills landing soon, the forecast for consumer confidence this year is not looking good. One thing we can be sure of is that 2023 promises to be a bumpy ride.”
