Confidence digs in at historic low
September 23, 2022
The GfK Major Purchase Index – the most reliable guide to consumer confidence for furnishing and flooring – has stopped falling, but remains locked in at a historic low.
The Index today was unchanged from the figures for August at minus 38 – the lowest figure ever recorded since the height of the pandemic in May 2020. This time last year, the index stood at minus 6.
Overall, GfK’s long-running general Consumer Confidence Index decreased five points in September to minus 49, setting yet another record low.
Joe Staton, Client Strategy Director, GfK said: “UK Consumer Confidence tumbled in September to a new low of -49, the worst Overall Index Score since records began in 1974.
"Especially worrying are the two key future-facing indicators on personal finances in the coming year (down nine points to -40) and the economy in the next 12 months (down eight to -68). These numbers are where many forecasters look for signs of economic optimism among consumers and the results deliver very bad news in that respect.
"Consumers are buckling under the pressure of the UK’s growing cost-of-living crisis driven by rapidly rising food prices, domestic fuel bills and mortgage payments. They are asking themselves when and how the situation will improve," he said
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