United Kingdom: Consumer confidence falls to fresh record low in June
Consumer confidence fell to minus 41.0 in June from May’s minus 40.0. June’s result marked the weakest sentiment on record. As a result, the index moved further below the 0-threshold, pointing to pessimistic sentiment among consumers.
The fall came on the back of a deterioration in consumers’ assessments of their financial situation and the general economic situation over the next 12 months and in the past year.
Regarding the reading, Joe Staton, GfK’s client strategy director, stated:
“With prices rising faster than wages, and the prospect of strikes and spiralling inflation causing a summer of discontent, many will be surprised that the index has not dropped further. The consumer mood is currently darker than in the early stages of the Covid pandemic, the result of the 2016 Brexit referendum, and even the shock of the 2008 global financial crisis.”