UK shoppers are yet to get into the festive spirit as consumer confidence drops in November.
GfK’s Consumer Confidence Index fell two points to -12 this month, making it the 20th consecutive month in negative territory and on par with the sentiment felt in July 2016, after the Brexit vote.
Joe Staton, head of market dynamics at GfK, said: “Sadly, there’s no festive cheer in this month’s Consumer Confidence Index. Household jitters following the recent interest rate hike, squeezed incomes, higher inflation, and economic uncertainty have dampened the consumer mood across the UK.
“Many retailers have been hit by the slowdown in consumer spending as households begin to feel the pinch and cut-back on their budgets. The confidence trajectory is unquestionably negative and sadly no amount of tinsel or baubles will change it. We need some big, positive economic good tidings to reverse this downwards trend – some snap we can put into our Christmas crackers.”