Consumer Confidence Fell As UK Economic Growth Hits 5-Year Low
Consumer confidence was in negative territory marking for 28th consecutive month as consumer’s outlook for the financial situation over the next 12 months fell dramatically from 10 to 4.
Personal finances changes measuring index over the past 12 months also fell 4 points to -1.
“Hope springs eternal for better numbers but the continued uncertain economic forecast means that the sun is not yet shining brightly for UK consumers,” said Joe Staton of GfK.
“Consumer confidence is stuck in the doldrums.”
Office for National Statistics (ONS) revealed that the UK economy had grown just 0.1% over the past quarter, the lowest level since 2012.
The other reason for the five-year low was due to poor weather, which battered retail sales, the ONS was keen to point out that the issue was much wider.
This sent the value of the pound a whole cent against the dollar. It has become less likely as the Bank of England will raise interest levels next month.
Every individual retailer can also notice this change in their customers with the help of epos systems. They can compare with their previous year reports and need to improve their sales in order to survive their business.