UK consumer confidence holds at 40-year low in August, GfK says

by | Aug 19, 2022

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UK consumer confidence held at a 40-year low as Britons’ views on the economy over the past year soured a bit more, the results of a closely-followed survey revealed.
Consultancy GfK’s consumer confidence index was unchanged from the month before at -41.0 in August.

“Consumer confidence remains severely depressed this month as the impact of soaring food and fuel prices and rising interest rates continues to darken the financial mood of the nation,” said Joe Staton, client strategy director for GfK.

He went on to add that: “against this financial backdrop, the UK electorate is looking for a new leadership with a commitment to unleashing growth, tackling inflation and cutting taxation.

“The successful candidate will need to deliver a much-needed shot in the economic arm of the country if they are to help improve consumer confidence.”

The sub-index tracking perceptions of the general economic situation over the past year ticked lower by one point to -66, while that looking 12 months ahead was unchanged at -57.

So too, the sub-index linked to their personal financial situation over the past 12 months was steady at -23.

However, Britons were slightly more upbeat about their personal financial situation for the next 12 months with the corresponding sub-index ticking higher by two points to -26.

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