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Financial News: UK GfK Consumer Sentiment Weakens In September

UK GfK Consumer Sentiment Weakens In September

09/24/2021 - 03:02:00 (RTTNews)

(RTTNews) - UK consumer confidence weakened to a five-month low in September as consumers were concerned about personal financial situation as well as wider economic prospects, survey results from the market research group GfK showed on Friday.

The consumer confidence index fell to -13 from -8 in August. This was the lowest reading since April 2021, when the score was -15.

All five components of the index deteriorated in September. The index measuring past personal finances dropped four points to -4. Likewise, the forecast for future personal finances decreased six points to +5.

The measure for the general economic situation over the last twelve months was down one point at -43. At the same time, expectations for the general economic situation over the coming year plunged ten points to -16.

The Major Purchase Index slid three points to -6 in September. The savings index decreased three points to +22.

"On the back of concerns about rising prices for fuel and food, the growth in headline inflation, tax hikes, empty shelves and the end of the furlough scheme, September sees consumers slamming on the brakes as those already in economic hardship anticipate a potential cost of living crisis," Joe Staton, client strategy director GfK, said.

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