This ad will be closed automatically in X seconds.

Consumer confidence hits all-time low in the UK

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
O4Bsign500x500
 
The ecommerce retailer has taken another big step forward on its growth journey, rebranding and refreshing its website to emphasise its credentials as a 'caring yet rebellious disruptor' fighting on the side of parents....
Josh500x500
 
Joshua Brocklehurst, researcher at KI, shares some key steps to ensure that research sessions are as positive as possible, for all involved....
Tonies x Twinkl (1)
 
A new partnership with the online educational resource platform, Twinkl, will enable children to access an assortment of free audio content via their Creative-Tonies....
Medela window sticker campaign (1)
 
The breastfeeding brand relaunched its popular breastfeeding friendly window sticker campaign to mark World Breastfeeding Week....
Splash About Pufferfish (2)
 
The new soft, tactile water toys are designed for the pool or bath time, allowing babies to grab, throw, play and safely chew....
Emma500x500
 
As part of its continued growth strategy, the company has promoted Emma Damerell to European campaign and brand manager for Hape....
Get the latest news sent to your inbox
Subscribe to our daily newsletter

The list doesn't exist! Make sure you have imported the list on the 'Manage List Forms' page.