GfK’s monthly consumer confidence index slipped to -45 this months, a drop of three points since December.
Joe Staton, client strategy director at GfK, commented: “After a short-lived and weak rally in Q4 last year, UK consumer confidence has slipped to -45 in January. Consumers have a New Year hangover – but it’s of the economic kind – with high levels of pessimism over the stage of the wider economy. And unlike a conventional hangover, this one won’t vanish quickly.
“The only glimmer of hope in the results is a slight uptick in the outlook for our personal financial situation, but this is of little comfort because it is still 25 points lower than this time last year.
“With inflation continuing to swallow up pay rises, and the prospect of some shocking energy bills landing soon, the forecast for consumer confidence this year is not looking good. One thing we an be sure of it that 2023 promises to be a bumpy ride.”
