GfK’s UK consumer confidence hits a new record low of minus 44 in Aug

“Our sub-measure on the general economy over the past year has decreased month-on-month since December 2021—that’s eight months in a row. A similar consistent sharp decline since December 2021 is evident in how consumers see the economy a year ahead and this month’s score of -60 sets a new record,” he said.

GfK’s August UK consumer confidence index fell by three points to minus 44, the lowest since records began in 1974. All five measures were down compared to the July 22 figure, reflecting acute concerns as the cost of living soars. A sense of exasperation about the UK economy is the biggest driver of the findings, said GfK client strategy director Joe Staton.

“These findings point to a sense of capitulation, of financial events moving far beyond the control of ordinary people. With headline after headline revealing record inflation eroding household buying power, the strain on the personal finances of many in the UK is alarming. Just making ends meet has become a nightmare and the crisis of confidence will only worsen with the darkening days of autumn and the colder months of winter,” he added in a company press release.

The measure for the general economic situation of the country during the last 12 months is down two points at minus 68—26 points lower than in August last year. 

Expectations for the general economic situation over the coming 12 months have deteriorated with a three-point drop to minus 60—54 points lower than the figure in August last year.

Fibre2Fashion News Desk (DS)