Gfk surveyed 2,000 people aged 16 and over between 1 September and 14 September to understand Briton’s overall confidence in personal finance and spending.
The study found that overall consumer confidence was at -13. The respondents rated their confidence in the general economic situation over the past year as -43, one point down from August. Consumer confidence has also fallen five points with all measures down on August’s figures amid concerns about a potential cost of living crisis.
The respondents’ personal financial situations over the past 12 months, the personal finances index for September was at -4, a four-point fall from August. While the savings index dropped to 22 points in September, the major purchase index decreased three points to -6.
Gfk’s client strategy director, Joe Staton, said, “When consumer confidence drops, shoppers tend to spend less, and this dampens the overall economic prospects for the UK.” Staton added this is not a good start for 2022 and beyond.
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