Published on July 6th, 2018 | by The GC Team0
Consumer Confidence drops two points in June
Consumer confidence fell two points in June on a marked deterioration in the levels of optimism about the general state of the economy.
GfK’s Consumer Confidence Index dropped to -9, with falls across all measures.
Consumer verdicts on the general state of the economy in the past year and the coming year both tumbled four points, while the major purchase index fell one point, to zero, at a time when Britain’s challenged retail sector is headline news.
“Shoppers are holding on to their cash, and consumers in general seem set on their path of self-imposed austerity,” said Joe Staton, Client Strategy Director at GfK.
“When will the strong jobs market and low interest rates boost the economic mood? That’s the key to confidence increasing more generally.”
The Overall Index Score has now registered zero or negative for 30 months, and Staton pointed to the contrast with 2015, when there was a full year of positive numbers.
“The trend since those 2015 figures has been resolutely downwards and it’s difficult to see the direction changing in the run-up to the UK leaving the European Union in March 2019,” he said.