Consumer confidence slips to the lowest level since Brexit referendum
The level of consumer confidence hit the lowest level since the Brexit referendum, according to a new survey. Despite a positive outlook on the economy, the index using data from YouGov and the Centre for Economics and Business Research (Cebr) shows the UK has yet to recover to pre-referendum levels.
Consumer confidence dropped 0.2 points from the previous month to 107.9, registering the lowest level since 2016.
Expectations fell also in the case of household finance over the next year. Worker’s perception on job security dropped to the lowest level since April 2013.
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Financial experts are particularly worried about the continuing decline in people’s household financial situations. Official figure showed that UK’s economy grew only by 0.2% in the first quarter of 2017, lower than the initially estimated projection of 0.3%.
The Office for National Statistics (ONS) emphasised that declines were registered in industries such as retail and hotels, in household spending and weak growth for construction and manufacturing.
Stephen Harmston, head of YouGov Reports, added: “After several jolts over the past year, consumer confidence is now treading a straighter path, albeit one that heads gently downwards.
“It looks like this may be the point where the slowing GDP figures start to translate to people’s everyday lives.
“The figures indicate that they are starting to experience a downturn, as shown by the fall in both household finances and job security over the past 30 days.
“Property prices remain resolute, but they are currently the main thing giving consumers confidence.”
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Latest official data showed that when taking into account inflation, wages fell by 0.2% in the first three months of 2017.
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