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Home arrow Market Research Findings arrow Economic Climate and Consumer Confidence arrow Consumer confidence hits record low - Nationwide Consumer Confidence Index
Consumer confidence hits record low - Nationwide Consumer Confidence Index PDF Print E-mail
Written by NCCI   
28 May 2008

Consumer confidence in the UK fell by seven points in April, bringing the level to 70 - 22 per cent lower than April last year - according to the findings of the Nationwide Consumer Confidence Index conducted by TNS. Mainly to blame for the drop is the downward shift in confidence around the current economic situation. Meanwhile, sentiments around the future economic and employment situation have deteriorated for the fist time this year, falling five points from last month.
 
The top line findings for April show:

  • Over one third (39 per cent) of consumers believe that the economy is in bad shape. This is a similar proportion to those who thought it was in good shape before the credit crunch hit.    
  • Almost half (45 per cent) of consumers believe that the economy will be worse in six month's time, compared to 26 per cent who thought this at the same time last year. The figures suggest that consumers think that the current crisis will have a lasting economic impact.
  • Consumers are less confident about spending, with 60 per cent believing now is a bad time to make a major purchase.
  • Consumers are also more reluctant to purchase 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.  
     

If you need any further information please contact Maja Rode on 020 7636 7366.  If you are quoting information from the release please refer to the findings as "the Nationwide Consumer Confidence Index, in partnership with TNS".

 
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