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Consumer confidence plunges to another record low amid fears for personal finances

Consumer confidence tumbles to a record all-time low
GfK client strategy director Joe Staton said: “Consumers are buckling under the pressure of the UK’s growing cost-of-living crisis…”
// UK consumer confidence has fallen to a new all-time low, as households struggle amid the rising cost of living and soaring energy bills
// Consumer confidence hit the worst overall index score since records began in 1974

UK consumer confidence plunged to a new low in September as people worry about their personal finances and the state of the economy amid the ongoing cost-of-living crisis, figures have revealed.

Figures from GfK’s UK Consumer Confidence Index show that the overall index score fell by five points in September to -49 – the worst score since records began in 1974.

The latest record low is the fourth out of the last five months, with confidence in personal finances over the coming year down nine points to minus 40 and confidence in the economy over the next 12 months down eight points to minus 68.

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GfK Client Strategy Director Joe Staton said: “Consumers are buckling under the pressure of the UK’s growing cost-of-living crisis driven by rapidly rising food prices, domestic fuel bills and mortgage payments. They are asking themselves when and how the situation will improve.

“Today’s mini-budget, and the longer-term agenda to drive the economy and help rebalance household finances, will be the first major opportunity to deliver that improvement. It will also be a major test for the popularity of Liz Truss’s new Government.”

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