Consumer confidence has fallen for the seventh month in a row as accelerating inflation erodes household buying power, figures suggest.
Confidence fell to its lowest point last month since August 2020, according to analysis by YouGov and the Centre for Economic and Business Research (Cebr).
Households reported that their finances worsened in the past month, while their outlook to the next 12 months also deteriorated.
However, feelings among homeowners were more of a mixed bag – with the survey’s house value index for the past month increasing but outlook declining.
Emma McInnes, global head of financial services at YouGov, said: “The current figure sits at its lowest point since August 2020, amidst the backdrop of growing concern around the cost-of-living crisis.
“It is notable to see an uptick in confidence around house prices and job security, but these were offset by continued sharp decline in confidence around household finances.”
Josie Dent, managing economist at Cebr, said: “June saw a further fall in the YouGov/Cebr Consumer Confidence Index, driven by the continued acceleration in inflation, which has eroded household buying power.
“This is leaving many people with less money left over at the end of each month, and even pushing some to cut back on food spending, use their savings or take on debt to make ends meet.”
Published: by Radio NewsHub Source : Radio News Hub