UK’s Consumer Confidence Slips to Lowest Level Since July 2008

Consumer confidence across the UK continued to slide lower, falling to the lowest reading seen since the global financial crisis over 10

Arslan Butt•Friday, June 5, 2020•1 min read

UK's Consumer Confidence Slips to Lowest Level Since July 2008

Consumer confidence across the UK continued to slide lower, falling to the lowest reading seen since the global financial crisis over a decade ago during late May with rising worries about unemployment and falling house prices weighing on consumers. GfK’s consumer confidence declined to -36 during the second half of May from -34 in the first two weeks of the month.

This was the lowest reading seen since July 2008, when the consumer confidence index had fallen to -39. On a slightly positive note, however, a sub-index measuring consumers’ willingness to purchase expensive items rose higher by six points.

Client strategy director at GfK, Joe Staton, comments, “With no sign of a rapid V-shaped bounce-back on the cards, consumers remain pessimistic about the state of their finances and the wider economic picture for the year to come. As the lockdown eases, it will be interesting to see just how the consumer appetite for spending returns in a world of socially-distanced shopping and the seismic shift to online retailing.”

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Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.