UK consumer confidence slipped by nine points in October, making it the largest month-on-month drop in over three years.
Market research company GfK’s Consumer Confidence Index plummeted from -21 in September to -30 for this month, the group revealed today.
The index measuring personal finance changes in the past year dropped by six points, making it an improvement from October last year.
Meanwhile, the forecast for personal finances over the next year was also better than last year, down by six points to -8.
The major purchase index dropped by 14 points, making it seven points above the same time last year.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The Office for National Statistics (ONS) also predicted retail sales volumes dipped 0.9% this September, compared to the same time last year.
GfK client strategy director Joe Staton said: “UK consumer confidence has fallen nine points this month to -30 and takes us back to where we were in July this year.
“This sharp fall underlines that the cost of living crisis, and simply not having enough money to make ends meet, are still exerting acute pressure for many consumers”.
Click here to sign up to Retail Gazette‘s free daily email newsletter
