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Consumer confidence hit by ‘self-imposed austerity’

Consumer confidence dropped by two points in June, as UK shoppers remain cautious ahead of potential Brexit turbulence.

The GfK consumer confidence survey showed that confidence fell to -9 in June, with sentiment towards the general economic situation dropping four points to -28, three points lower than the same time last year, according to figures reported by The Daily Mail.

The research suggested that consumers were “on a path of self-imposed austerity” ahead of Brexit, with the drop coming following two months of improving confidence in April and May.

“Shoppers are holding on to their cash and consumers in general seem set on their path of self-imposed austerity,” commented GfK client strategy director Joe Staton.

Readers' comments (1)

  • "Self imposed austerity" - who made that up. The fact is the average person does have the same spending power or extra cash. This is the reality and this is how its going to stay.

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