GfK’s Consumer Confidence Index fell seven points to minus 20, with significant drops in predictions for personal finances and the general economy.
Consumer confidence has fallen sharply in “not encouraging news” for the Government as households “nervously” await next month’s autumn Budget, according to a long-running survey.
GfK’s Consumer Confidence Index fell seven points in September to minus 20, with significant drops in predictions for personal finances and the general economy over the coming year. Expectations for the general economy over the next 12 months fell by 12 points to minus 27, while the forecast for personal finances is down nine points to minus three.The major purchase index, an indicator of confidence in buying big ticket items, is down 10 points on last month to minus 23, five points higher than a year ago.
GfK said: “These three measures are key forward-looking indicators so despite stable inflation and the prospect of further cuts in the base interest rate, this is not encouraging news for the UK’s new Government.”Neil Bellamy, consumer insights director at GfK, said: “Strong consumer confidence matters because it underpins economic growth and is a significant driver of shoppers’ willingness to spend.
“Following the withdrawal of the winter fuel payments, and clear warnings of further difficult decisions to come on tax, spending and welfare, consumers are nervously awaiting the Budget decisions on October 30.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Consumer confidence slumps following warnings of 'tough choices' in budget aheadThe findings of the GfK survey chime with official retail sales figures also released on Friday which showed sales growth was limited to supermarkets and clothing retailers offering end of summer sales.
Read more »
MOVIE REVIEW: We nervously travel into space for sci-fi sequel 'Alien: Romulus'Back to basics approach works wonders in follow-up full of cares, gory kills and new creativity.
Read more »
Consumer confidence falls sharply after Rachel Reeves stripped winter fuel payments from millions of...Sir Keir Starmer is facing a major cross-party effort to kill off plans to cut winter fuel payments for pensioners. The PM and Chancellor Rachel Reeves are mired in the first controversy of his premiership.
Read more »
Consumer confidence falls sharply after Rachel Reeves stripped winter fuel payments from millions of...Sir Keir Starmer is facing a major cross-party effort to kill off plans to cut winter fuel payments for pensioners. The PM and Chancellor Rachel Reeves are mired in the first controversy of his premiership.
Read more »
Consumer confidence falls sharply after Rachel Reeves stripped winter fuel payments from millions of...Sir Keir Starmer is facing a major cross-party effort to kill off plans to cut winter fuel payments for pensioners. The PM and Chancellor Rachel Reeves are mired in the first controversy of his premiership.
Read more »
Consumer watchdog calls on Oasis and Ticketmaster to 'do right thing' and refund fansWhich? said it saw evidence that fans were shown one price for tickets, only to have that price taken away at the last second and replaced with a far higher, and unexpected, ticket price.
Read more »