UK – According to GfK’s Consumer Confidence Index, consumer confidence fell 5 points from August to September to a record low of -49 amid the cost of living crisis and high inflation.
GfK found that people’s expectations for personal wealth over the next year are down 9 points from the previous month, 40 points lower than in September 2021 and 45 points lower.
Respondents’ view of financial performance over the past 12 months has fallen 3 percentage points from August to -28 in September, 24 percentage points worse than the same month last year.
The results are based on a survey of 2,000 adults conducted between September 1 and 14, 2022, covering the period that includes the government’s announcement of energy bill relief and the death of Queen Elizabeth II. doing. GfK has been conducting this survey since 1974.
Confidence in the country’s overall economic situation over the past 12 months fell 4 points to -72 in September 2022, 29 points lower than in September 2021, according to the latest survey.
Expectations for general economic conditions over the next 12 months also fell, dropping 8 points to -68. This is 52 points lower than September 2021.
The Large Purchase Index, which measures whether now is a good time to buy large amounts, remained unchanged at -38 this month, but is down 32 points from this month last year.
The Savings Index, which covers whether now is the right time to save, fell 7 points in September, remaining in positive territory at +11, 11 points below September 2021.
Joe Staton, Director of Client Strategy at GfK, said:
“Of particular concern are two key future indicators for personal finances next year (down 9 points to -40) and economic indicators over the next 12 months (down 8 to -68). , is where many forecasters look for signs of economic optimism among consumers, and the results bring some very bad news in that regard.
“Consumers are bowing under the pressure of the UK cost of living crisis, driven by rapidly rising food prices, domestic fuel costs and mortgage payments. I am asking myself if I can improve on that.”