By Max Clarke
The UK’s consumer confidence has slipped yet again as the ‘feel good’ factor that buoyed high street spending over the Royal Wedding and Easter double bank holiday is replaced by ongoing concerns about employment security and wages in austerity Britain.
This is according to research firm, GfK’s latest index, which saw figures drop across all 5 measuring criteria.
Consumer confidence has yo-yoed in recent months after inflation, unemployment, and government cuts saw it fall to its lowest point on record in a separate index.
"It was almost inevitable that there would be a drop confidence in June following last month‟s unique, feel-good circumstances of public holidays and the royal wedding,” commented GfK’s Managing Director, Nick Moon. “What will disappoint the government is that the drop is so large — wiping out half of last month‟s gain and leaving consumer confidence lower than it was at any point in 2010. “
"Across the board, confidence is lower than it was this time last year. Consumers‟ feeling about their own financial situation over the coming twelve months may have been the best scoring item but it still suffered a five-point drop in June, leaving it at -8. As we move into the summer, the outlook for the beleaguered high street remains a gloomy one."
Moon's comments have been evidenced by a spate of high profile retail collapses which have seen Oddbins, Jane Norman and Focus DIY all go into administration.
Join us on