Consumer confidence slumps for third month in a row

Consumer confidence plummeted to one of its lowest-ever levels in August, according to the latest monthly figures from Gfk NOP.

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The GfK NOP Consumer Confidence index score fell one point to -31, a score that has only been recorded on four other occasions – in April this year, during the downturn of 2008 and 2009 and in the early months of 1990.

It was the third consecutive month of decline and the Index was thirteen points lower than a year ago.

The index asks consumers about their personal financial situations over the last and coming 12 months, the general economic situation over the same period and whether it is the right time to make major purchases or save money.

Nick Moon, managing director of GfK NOP Social Research, says: “With an increasing number of indicators suggesting the economy is either stagnating or returning to recession, the continuing loss of consumer confidence is a major worry for the government. However, while there has been a 4-point drop in consumers’ general view of the economic situation over the next 12 months, there has been a small improvement in how they view their own financial situations, indicating people are starting to adapt to the austere economic climate.”

GfK surveyed 2000 adults in August on behalf of the European Commission.

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