Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Consumer confidence falls to fourth record low in five months

GfK’s long-running Consumer Confidence Index fell five points in September to minus 49, the worst score since records began in 1974.

Josie Clarke
Friday 23 September 2022 00:01 BST
The latest record low is the fourth out of the last five months (PA)
The latest record low is the fourth out of the last five months (PA) (PA Wire)

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Consumer confidence has fallen to another new low amid deep concerns about personal finances over the coming year, figures show.

GfK’s long-running Consumer Confidence Index fell five points in September to minus 49, the worst score since records began in 1974.

The latest record low is the fourth out of the last five months, with confidence in personal finances over the coming year down nine points to minus 40 and confidence in the economy over the next 12 months down eight points to minus 68.

The major purchase index, an indicator of confidence in buying big ticket items, remained unchanged at minus 38, but is 32 points lower than this time last year.

GfK client strategy director Joe Staton said: “Consumers are buckling under the pressure of the UK’s growing cost-of-living crisis driven by rapidly rising food prices, domestic fuel bills and mortgage payments.

“They are asking themselves when and how the situation will improve.

“Today’s mini-budget, and the longer-term agenda to drive the economy and help rebalance household finances, will be the first major opportunity to deliver that improvement. It will also be a major test for the popularity of Liz Truss’s new Government.”

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in