United Kingdom: Consumer confidence falls to record low in September
Consumer confidence fell to minus 49.0 in September from August’s minus 44.0. September’s result marked the worst performance on record. The index remained entrenched below the 0-point threshold, pointing to pessimistic sentiment among consumers.
The reading was driven by consumers’ worsening sentiment regarding their personal financial situation and the general economic situation, both over the last 12 months and the coming year.
On the reading, Joe Staton, GfK’s client strategy director, stated:
“Especially worrying are the two key future-facing indicators on personal finances in the coming year (down nine points to -40) and the economy in the next 12 months (down eight to -68). […] 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.”