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Consumers 'despondent' as economic confidence falls

Consumer confidence tumbled in November, as consumers expressed concerns over the post-Brexit economy. 

The GfK consumer confidence index dropped 5 points, taking it to minus 8, with all five measures on the index seeing decreases during November.

There was a nine point drop in consumer plans to splash out on large purchases, while confidence on the general economic situation of the country during the last 12 months decreased six points to minus 25, 19 points lower than the same index in November 2015.

The survey described consumers as “resolutely gloomy” about Britain’s economic outlook in the wake of the vote to leave the EU. 

Joe Staton, head of market dynamics at GfK, said: “The slump across the board this month points to continuing uncertainty about the state of the economy among consumers.

“We are viewing our economy over the past 12 months with increasing despondency. The decreasing score on the economy for the next 12 months also shows we are resolutely gloomy about the outlook despite strong GDP numbers.

”Despite recent strong retail sales, we are reporting a sharp minus 9 point drop in the Major Purchase Index this month and this will be an acute concern for retailers as they gear-up for the key Christmas selling period. Many are saying that fears about the British economy have been overstated, but time will tell if the pessimism shown in the index is misplaced or not.”

 

 

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