UK consumer confidence hits all-time low

News

Ben Parfitt Jul 31 2008, 1:24pm

Credit-crunch sees the economic fears of the nation grow, according to new survey

A new survey from Gfk NOP Consumer Confidence shows that continuing drops in consumer confidence throughout July have seen the public’s economic outlook reach the most pessimistic level ever recorded.

Marketing Week reports that the overall index dropped by five points last month to hit -39, a total that’s 33 points lower than this time last year.

Though fears for personal financial wellbeing, which currently indexes at -18, are only their lowest since 1994, the feelings about the general economic situation faced in the UK are the lowest ever seen.

“With the cost of living still on the increase, the housing market in a depression and reports of possible further increases in energy prices, levels of confidence among consumers are not surprisingly low,” Gfk NOP Consumer Confidence spokesperson Donna Culverwell stated.

“There seems to be little sign of any relief either; with the growing spectre of the UK going into recession, people are pessimistic and concerned about their future – reflected in the biggest drop this month being seen in people's confidence in their own personal financial situation over the coming 12 months."