Shoppers concerns come in the face of “soaring cost-of-living and bleak economic prospects”, says research.
Image source, Getty ImagesConsumer confidence in in the UK hit a record low in August as the soaring cost-of-living and bleak economic prospects hit home,
A “sense of exasperation” about the economy was the biggest driver behind the fall, according to GfK’s Consumer Confidence index.
It comes in the face of the fastest price rises in 40 years.
Sales also fell by 1.2% in the three months to July, as people continued to cut down on non-essential spending.
Retail sales volumes nudged up slightly in July, by 0.3%, after a slight fall in June.
That’s according to new data from the Office for National Statistics (ONS) which shows sales have been on a downward trend since summer 2021.
Fuel sales also declined in July as people cut travel amid record petrol and diesel prices.
However, overall retail sales were still above pre-Covid levels, the ONS said.