The GfK Consumer Confidence indicator in the United Kingdom hit a new low of -40 in May 2022, surpassing the previous record low of -39 set in July 2008, amid growing concern over the cost of living crisis. Joe Staton, client strategy director at GfK, said: “This means consumer confidence is now weaker than in the darkest days of the global banking crisis, the impact of Brexit on the economy, or the Covid shutdown.” Consumer pessimism was most evident in people’s views on the general economy, with an index score of -63 for the past year and -56 for the coming year. UK inflation surged 9% in April, the highest level since 1982, driven by soaring energy bills, record petrol prices and rising food costs. Economists warned in April when the index dropped to -38 that such a low reading was consistent with Britain’s economy falling into recession, because it had closely tracked UK GDP over the past five decades. source: GfK Group
Consumer Confidence in the United Kingdom averaged -9.82 points from 1981 until 2022, reaching an all time high of 10 points in June of 1987 and a record low of -40 points in May of 2022. This page provides the latest reported value for - United Kingdom Consumer Confidence - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Consumer Confidence - data, historical chart, forecasts and calendar of releases - was last updated on May of 2022.
Consumer Confidence in the United Kingdom is expected to be -35.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Consumer Confidence is projected to trend around 5.00 points in 2023 and 1.00 points in 2024, according to our econometric models.