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UK consumer confidence slides further

UK consumer confidence has notched up its twentieth consecutive month in negative figures, according to the long-running Gfk Consumer Confidence Index. All five measures used to measure confidence levels fell during November, with the biggest fall in the Major Purchase Index, which dropped by six points.

“Sadly, there’s no festive cheer in this month’s Consumer Confidence Index. This is the second time this year that consumer confidence has matched the worrying -12 score seen in July 2016 after the Brexit vote,” says GfK head of market dynamics Joe Staton.

“Household jitters following the recent interest rate hike, squeezed incomes, higher inflation, and economic uncertainty have dampened the consumer mood across the UK. Perhaps of most concern during this key Christmas trading period is the plunge in the Major Purchase Index (a sharp 6-point drop). Many retailers have been hit by the slowdown in consumer spending as households begin to feel the pinch and cut-back on their budgets,” he adds.

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