UK shoppers are worrying about the economy next year

UK shoppers are worrying about the economy next year

UK consumer confidence dropped in October as shoppers worried about expectations for the economy in the year to come, according to new figures.

GfK’s Consumer Confidence Index fell one point to two this month, with three of the five measures used to calculate the Index posting declines.

“While belief in our personal financial situation for the next 12 months remains strong, growth in the top-line Index has again stalled this month,” said Joe Staton, head of market dynamics at GfK.

“The good news on the domestic front – with households lifted by wage growth, low interest rates and near-zero inflation – is being tempered by concerns about our ability to shrug off the global downturn. Upwards momentum in the Index is also being dragged down by consumer worries about the past performance of the UK economy and expectations for the economy in the year to come.”

Last month, the Index fell four points to three as shoppers entered a “depressed back-to-school mood”