Consumer confidence has nosedived following Brexit, according to survey from market researchers GfK.
The German market research group GfK found that measures of confidence about the overall economic outlook, personal finances and making big purchases have all fallen, with six in 10 people expecting the economic situation to get worse in the next 12 months. Only 20% think it will improve and the number of people expecting prices to rise has jumped by 20%.
Fashion is among the vulnerable sectors, the survey found, as worried consumers cut back on spending.
“During this period of uncertainty, we’ve seen a very significant drop in confidence, as is clear from the fact that every one of our key measures has fallen, with the biggest decrease occurring in the outlook for the general economic situation in the next 12 months,” said head of market dynamics Joe Staton.
The high street had its worst June in a decade, according to accountancy BDO’s high street sales tracker, which recorded a -3.6% fall in overall year-on-year sales.