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Interest rate cut hasn't stopped slide in consumer confidence - Nationwide Consumer Confidence Index |
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Written by NCCI
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16 Apr 2008 |
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9th April 2008 Consumer confidence in the UK fell even further in March, hitting a new all-time low of 77, according to the findings of the Nationwide Consumer Confidence Index conducted by TNS (embargoed until tomorrow, Wednesday 9 April 2008). Mainly to blame for the drop were consumers' continued negative feelings about the current economic and employment situation, which have deteriorated significantly since October last year. The top line findings for March show: More consumers are fearing for their household income. Over the last quarter, there has been a steady increase in the proportion of consumers who think their income will be lower in six month's time. Consumers are worried about their current employment situation, with almost one quarter of consumers (24%) believing that there are few jobs available. However, this is an improvement over March 2007, when 27% of consumers felt disheartened about their employment situation. Consumers' expectations about house prices turned around in March. While in February consumers expected prices to fall by 1.1% over the next six months, in March they believe that prices will increase by 0.4% over the period.
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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