Brexit vote batters consumer confidence

The market researcher GfK recorded the biggest slide in consumer confidence for 21 years in its one-off poll following the referendum on 23 June. The group, which has been monitoring UK consumer confidence since the 1970s, said measures of confidence about the economic outlook, people’s personal finances and big purchases, had all fallen, according to the post-referendum poll of 2,002 people run between 30 June and 5 July.


The headline confidence index fell to -9 after the poll from -1 in the regular June survey carried out before the referendum. The compilers said that by splitting the results as to how people said they had voted, they had found that those who had opted for remaining in the were at -13, while leavers appeared more optimistic, at -5.


“During this period of uncertainty, we’ve seen a very significant drop in confidence, as is clear from the fact that every one of our key measures has fallen, with the biggest decrease occurring in the outlook for the general economic situation in the next 12 months,” said Joe Staton, head of market dynamics at GfK.


Six in 10 respondents, or 60%, expected the general economic situation to worsen in the next 12 months, up from 46% in June. Only 20% of consumers expected it to improve, down from 27% in June. The proportion of people who believed prices would increase rapidly in the next 12 months jumped 20 percentage points from 13% to 33%.


The Brexit vote has battered consumer sentiment in the UK, a survey has found, highlighting worries about the economic outlook and fears over inflation.



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