UK consumer confidence hits five-year low in December
GfK's long-running consumer confidence index slipped to -14 this month from -13 in November, in line with expectations, with three of the five measures used to calculate the overall scored down, and two up.
Client strategy director Joe Staton said: "At -14 this month, UK consumers are ending 2018 on a pessimistic note with Christmas cheer in short supply. We are five points lower than this year's opening score in January and were no higher than -7 this summer. This represents a more than five-year low for the index which has bumped along in negative territory since 2016.
"In the face of ever-rising costs, and the threat of higher inflation combined with uncertainty around the outcome of the Brexit negotiations, it's no surprise that consumers are in a chilly mood of despondency and putting on a glum face when they look at the prospects for 2019. Sad to say that an unhappy and uncertain New Year beckons despite good intentions from all points on the economic and political spectrum."
The measure for the general economic situation of the country in the last 12 months dropped two points to -31 this month, its lowest level since December 2017. Meanwhile, ■