Household finances fall for fifth month in a row
The latest statistics from YouGov/Centre for Economics and Business Research (CEBR) reveal that the Consumer Confidence Index stands at 107.6 in August, up from 107.2 in July.
Any score over 100 means more consumers are confident than not, and the August figure is the highest the index has been since the General Election.
It found that over the past 30 days and over the next 12 months, consumers are confident on job security and house values, but YouGov/CEBR noted that these measures are still below the level they were before the vote.
Household finances over the past 30 days have continued to decline, falling for the fifth month in a row. YouGov said this had never happened in the eight years it has been tracking the figures.
Taking the consumer confidence figures in context, they have not returned to levels seen before the election and in terms of homeowners’ expectations, it’s some way from levels seen before the EU referendum.
Further, the Confederation of British Industry (CBI) said its measure of sales plunged to minus 36 in October — the lowest since March 2009 — from a positive 42 in September. Sales for the time of the year were slightly below the usual seasonal rates, it said.
Faster inflation has put the squeeze on shoppers this year, and YouGov/CEBR said that while the headline sentiment measure rose this month, confidence in the housing market has also weakened.