Consumer confidence down

CONSUMER confidence has plunged amid increasing anxiety about the rising cost of living, a long-running survey suggests.

GfK’s Consumer Confidence Barometer fell by five points to minus 13 in September, a drop not seen since October last year.

All measures of the survey, including confidence in the general economic situation and personal finances, were down in comparison to last month. The index also recorded a three-point drop to minus six in the major purchase index, an indicator of confidence in buying big ticket items, in worrying news for hard-pressed retailers looking to build sales as they go into the key holiday period.

Confidence in personal finances over the last 12 months dropped four points to minus four, while the forecast for the next 12 months fell six points to five – although it remains four points higher than this time last year.