United Kingdom: Consumer sentiment records worst reading since April
September 24, 2021
Consumer confidence came in at minus 13.0 in September, down from August's minus 8.0. September's result marked the weakest sentiment since April and came on the back of a broad-based decline in all subindices, with consumers´ outlook for the economy in the year ahead falling the sharpest. As a result, the index remained entrenched below the 0-point threshold, indicating that consumers were pessimistic.
Regarding September’s reading, Joe Staton, GfK’s client strategy director, stated:
“All measures have declined this month and consumers are clearly worrying about their personal financial situation and the wider economic prospects for the year ahead. The Index also records a fall in the major purchase index: depressing news for hard-pressed retailers looking to build sales as they go into the key holiday period. When consumer confidence drops, shoppers tend to spend less, and this dampens the overall economic prospects for the UK. This really is an unwelcome picture if this continues into 2022 and beyond.”