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Consumer confidence falls to fourth record low in five months

The latest record low is the fourth out of the last five months (PA)
The latest record low is the fourth out of the last five months (PA)

Consumer confidence has fallen to another new low amid deep concerns about personal finances over the coming year, figures show.

GfK’s long-running Consumer Confidence Index fell five points in September to minus 49, the worst score since records began in 1974.

The latest record low is the fourth out of the last five months, with confidence in personal finances over the coming year down nine points to minus 40 and confidence in the economy over the next 12 months down eight points to minus 68.

The major purchase index, an indicator of confidence in buying big ticket items, remained unchanged at minus 38, but is 32 points lower than this time last year.

GfK client strategy director Joe Staton said: “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.

“Today’s mini-budget, and the longer-term agenda to drive the economy and help rebalance household finances, will be the first major opportunity to deliver that improvement. It will also be a major test for the popularity of Liz Truss’s new Government.”