25 June 2024, 17:10
By Furniture News Sept 24, 2021

Cost of living anxieties impact consumer confidence

GfK’s Consumer Confidence Index decreased five points to -13 in September. All measures were down in comparison to the August 20th announcement – including the major purchase index, which decreased by three points to -6 (up 15 points YoY).

Joe Staton, client strategy director, GfK, says: “On the back of concerns about rising prices for fuel and food, the growth in headline inflation, tax hikes, empty shelves and the end of the furlough scheme, September sees consumers slamming on the brakes as those already in economic hardship anticipate a potential cost of living crisis.

"All measures have declined this month, and consumers are clearly worrying about their personal financial situation and the wider economic prospects for the year ahead. The index also records a fall in the major purchase index, depressing news for hard-pressed retailers looking to build sales as they go into the key holiday period. When consumer confidence drops, shoppers tend to spend less, and this dampens the overall economic prospects for the UK. This really is an unwelcome picture going into 2022 and beyond.”

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