30th November 2017.
UK Consumer Confidence Drops
Squeezed income, higher inflation and economic uncertainty has dampened UK consumer sentiment in November, a recent survey has found.
Consumer confidence has dipped this month, hitting its lowest level since the aftermath of the June 2016 Brexit vote.
GfK’s long-running Consumer Confidence Index has fallen to minus 12 in November compared to October’s reading of minus 10.
It was thought to be stabilising as the aftermath of the Brexit referendum smoothed over, but recent rises in inflation has bitten into real wages.
“Sadly, there’s no festive cheer in this month’s Consumer Confidence Index,” Joe Staton, head of market dynamics at GfK, said.
Staton insists the economy needs big and positive “economic good tidings” to reverse this downwards trend.
Household spending has largely driven UK economic growth since the Brexit vote, but analysts expect consumers to slow spending as inflation and the recent interest rate rise continue to affect personal finances.
The CBI’s Distributive Trades Survey in November showed 39 per cent of respondents reported sales volumes up on the same time last year.
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