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Home arrow Market Research Findings arrow Economic Climate and Consumer Confidence arrow Consumer confidence falls to record low - Nationwide Consumer Confidence Index
Consumer confidence falls to record low - Nationwide Consumer Confidence Index PDF Print E-mail
Written by TNS   
05 Mar 2008
Wednesday 5th March 2008
Consumer confidence in the UK  fell to a record low in February, according to the findings of the Nationwide Consumer Confidence Index conducted by TNS.  The most significant factor behind the fall was the decrease in the proportion of consumers who felt upbeat about the current economic situation in the UK, indicating that the effect of higher food and fuel costs is taking its toll on people's pockets. 
The top line findings for February show:
  • Consumers confidence has hit an all time low, with the overall Consumer Confidence Index falling three points to 78. This compares to 85 points at the same time last year. The drop in confidence can be largely attributed to growing uncertainty about future economic conditions, with 46% of consumers feeling that the economic situation in six months time will be worse than it is today.
  • Consumers are unhappy with the current economic and employment situation, with the Present Situation Index falling 7 points in February alone. This is mainly due to the fact that 34% of people see the current economic situation as bad, up from 25% in January.
  • Confidence about consumer spending is also down, with the Spending Index falling four points to 64.  Only 11% of consumers are confident that now is a good time to make major purchases, and 12% believe it is a bad time to buy even smaller household goods.
 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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