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3 clusters · 21 sources · 28 days · First seen · Last updated

US and UK consumer confidence decline

Overview

Consumer sentiment in the United States and the United Kingdom has declined due to inflation and rising living costs. In the United States, a New York Federal Reserve survey indicates growing pessimism regarding personal finances, with respondents reporting worse financial positions than the previous year. Concerns include accelerating inflation and high fuel costs.

In the United Kingdom, the downturn has intensified. GfK data shows the consumer confidence index plunged 11 points to -24 in October, marking its steepest monthly decline since the early stages of the pandemic and the 2016 Brexit vote. This decline coincides with an “extraordinary collapse” in consumer confidence, as individuals report worsening personal financial situations and a reduced willingness to make major purchases.

Economic pressures in the UK include inflation reaching 3.5% and increased fuel costs linked to geopolitical tensions in the Middle East. These factors have impacted retail performance; UK retail sales volumes fell by 0.4% in September, a sharper contraction than the 0.1% drop anticipated by economists. This decline was driven largely by a 0.9% decrease in clothing and footwear sales, alongside a 0.4% dip in supermarket sales.

Retailers continue to seek relief from Chancellor John Healey in the upcoming Budget, specifically regarding rising business rates and employer National Insurance contributions.

Entities

GFK · S&P Global · Federal Reserve Bank of New York · Bank of England · British Retail Consortium

Timeline

  1. [BUSINESS] 15 sources
    UK retail sales fall 0.4% in September amid declining consumer confidence

    UK retail sales fell 0.4% in September, missing forecasts as warm weather hit clothing sales and consumer confidence suffered its sharpest drop since the pandemic.

  2. [BUSINESS] 4 sources
    Consumer confidence declines in US and UK amid inflation fears

    Consumer confidence is falling in the US and UK as households face rising inflation, high fuel costs, and expectations of increased interest rates.

  3. [BUSINESS] 3 sources
    Consumer confidence trends diverge in Ghana and the United Kingdom

    Consumer confidence is shifting globally, with a decline reported in Ghana amid stable business sentiment, while the UK sees a gradual, albeit negative, recovery in sentiment despite inflation concerns.

Sources

agf.org.uk · bigfurnituregroup.com · bmmagazine.co.uk · checkout.ie · forrester.com · hn24.hnonline.sk · ibtimes.co.uk · independent.co.uk · internetretailing.net · marketbusinessnews.com · myjoyonline.com · norvanreports.com · novini247.com · retailgazette.co.uk · retailtimes.co.uk · retailwit.com · rocketnews.com · scottishbusinessnews.net · standard.co.uk · thegrocer.co.uk · world-today-journal.com

This summary has been updated 3 times: see revision history