This ad will be closed automatically in X seconds.

UK consumer confidence hits all-time low

GfK’s Consumer Confidence Index has show that levels have fallen by one point to -41 in June, setting a new record low for the second month running.

Joe Staton, client strategy director at GfK, commented: “The consumer mood is currently darker than in the early stages of the Covid pandemic, the result of the 2016 Brexit referendum, and even the shock of the 2008 global financial crisis.

“One thing is for sure, Britain faces a stark new economic reality and history shows that consumers will not hesitate to retrench and tighten their purse strings when the going gets tough.”

May also saw sales volumes drop by 0.5% amid rising costs, according to the Office for National Statistics. In the three months to May 2022, retail sales fell by 1.3%, continuing a downward trend that started in summer 2021.

Outside of food shopping, sales remained flat. Helen Dickinson, chief executive of the British Retail Consortium, said: “Households reined in spending as the cost of liveing crunch continued to squeeze consumer demand.

“Many customers are buying down, particularly with food, choosing value range items where they might previously have bought premium goods.”

MORE NEWS
Untitled Design (58)
 
Sales Account Manager and Trading Assistant roles available....
Progressive Preschool featured image (4)
 
Summer is the perfect opportunity for group costume sales, as hen and stag parties, festivals, sporting events and summer get togethers are being planned. With a huge range of licensed and non-licensed options available for all ages, Progressive Party talked to some key suppliers about what’s hot this year and how sales are going....
Opposuits 10 years (2)
 
Since 2012, Opposuits has been adding a certain something to the party industry with its awesome and crazy suits. Progressive Party caught up with co-founder and director Jelle van der Zwet as the company celebrates its tenth anniversary....
consumer confidence (1)
 
According to data from GfK's Consumer Confidence Index, consumer confidence has remained the same as June levels - a record low - at -41....
Spirit Halloween (2)
 
The retailer is offering flexible schedules, competitive pay and discounts for all of its staff....
NCA Halloween for All (1)
 
The National Costumers Association has announced five sponsors for its upcoming initiative to urge retailers to be sensitive to the needs of customers with disabilities during the Halloween season....
Get the latest news sent to your inbox
Subscribe to our daily newsletter