Consumer confidence continues to plummet

Consumer confidence has continued to fall, with October seeing a return to the low levels of the summer. The GfK NOP Index has dropped to -36, which was the same figure as August and twenty-eight points lower than this time last year.

Confidence in the general economy over the past 12 months has dropped by ten points.

Meanwhile, confidence in now being a time to make major purchases such as furniture or electrical goods has dropped by 11 points to -43, which is the lowest on record.

GfK Consumer Confidence team member, Rachael Joy, says: “The turmoil surrounding the banking world and subsequent turbulence in the financial markets is making for an uncertain time.

“Even the reduction of the interest rate and lower petrol prices are unlikely to have a significant effect on confidence in the upcoming months, as consumers brace themselves for a very difficult economic time over the Christmas period ahead.”

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