Search

28 Sept 2022

Consumer confidence falls to fourth record low in five months

Consumer confidence falls to fourth record low in five months

Consumer confidence has fallen to another new low amid deep concerns about personal finances over the coming year, figures show.

GfK’s long-running Consumer Confidence Index fell five points in September to minus 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.

The major purchase index, an indicator of confidence in buying big ticket items, remained unchanged at minus 38, but is 32 points lower than this time last year.

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.”

To continue reading this article for FREE,
please kindly register and/or log in.


Registration is absolutely 100% FREE and will help us personalise your experience on our sites. You can also sign up to our carefully curated newsletter(s) to keep up to date with your latest local news!

Register / Login

Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.

Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.