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Consumer confidence crumbles after general election

Consumer confidence levels crumbled in June 2017, falling five points, the GfK index indicates. 

The index now sits at -10, which the GfK says points to “negative sentiment about personal financial situation and expectations for the wider economy.” The index fell across all measures, and the major purchase index was hit particularly hard, down eight points compared with June 2016.

“The scores on the general economic situation looking forward and back 12 months is now particularly weak,” commented Joe Staton, Head of Market Dynamics at GfK. “Strong consumer spending has propped up the economy since last June, but now the twin pressures of higher prices and sluggish wage growth are squeezing household finances and adding to widespread fears of a Brexit-induced economic slowdown.”

 

 

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