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Home arrow Market Research Findings arrow Economic Climate and Consumer Confidence arrow Consumer confidence falls as interest rate rises begin to take their toll - NCCI
Consumer confidence falls as interest rate rises begin to take their toll - NCCI PDF Print E-mail
Written by NCCI/TNS   
05 Sep 2007
Consumer confidence in the UK fell in August as consumers began to feel the impact of the interest rate rises, according to the findings of the Nationwide Consumer Confidence Index conducted by TNS (embargoed until tomorrow, Wednesday 5 September 2007).  The most significant factor behind the fall was the increase in the proportion of consumers who felt disheartened by the future.  
The top line findings for August show:
  • Consumers are downbeat about the future, with the Expectations Index falling four points from 96 to 92 to its lowest level since April 2007. This drop in confidence can be largely attributed to 32% of consumers feeling that there will be fewer jobs available in six months time than there are now.
  • Confidence about spending falls to its lowest point this year, with the number of people confident about buying major items such as houses or cars hitting an all time low at 15%.
  • Consumers confidence about the current economic situation also fell, with the number of people thinking it is 'good' hitting 36%, down from 41% in July. Higher interest rates, coupled with the recent turmoil in the financial markets, are likely to be a major factor behind this  
The Consumer Confidence Index uses 100 as its baseline figure - the level of consumer confidence in May 2004.  All indice figures reflect an increase or decrease in confidence in relation to the benchmark of 100.  
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