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UK consumer confidence takes biggest drop since 1990

In July, UK consumer confidence took its sharpest decline in since 1990. Credit: PA Wire

UK consumer confidence fell to -12 in July from -1 in June - the biggest drop in 26 years, according to a poll by market researchers GfK.

The survey of 2,000 people found increased concerns about the economic outlook has dented the confidence of UK households and manufacturers.

The report found that people were on average more pessimistic about their finances, the economy, and whether or not now was a good time to make big-ticket purchases such as household appliances and furniture.

Consumers in post-Brexit Britain are reporting higher levels of concern this month. We’ve seen a very significant drop in confidence, as is clear from the fall in each of our key measures, with the biggest decrease occurring in the outlook for the general economic situation in the next 12 months.

– Joe Staton, head of market dynamics, GfK
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