Data published by market research group GfK has revealed that consumer confidence has fallen to its lowest level since the aftermath of the Brexit vote.
GfK’s Consumer Confidence Index fell to -12 in July – the lowest reading since July 2016. Readings above zero indicate optimism.
GfK stated that four of the five measures that contribute to its Overall Index Score decreased in July. The biggest drop arose from consumers’ worries in regards to ‘the general economic situation’.
Joe Staton, Head of Market Dynamics at GfK, said: ‘Consumer confidence across the UK has fallen to the level last seen in the immediate aftermath of the Brexit vote.
‘The economic picture across the UK remains confusing and this mood is reflected in the Overall Index Score, which is down by five points.
‘It’s the sharp drop in confidence about the UK’s general economy – both looking back one year and ahead one year – that is driving the fall.’