Consumer confidence has dropped to its lowest level in four years, as rising costs and fears over the property market continue to take their toll.
Compiled by Nielsen and the British Retail Consortium (BRC) the consumer confidence index has fallen to 79 compared with 91 this time last year – its lowest level since the index began in 2003.
BRC director-general Stephen Robertson said: “With one in five people saying they have no spare cash, the highest recorded by this survey, customers are telling us they are cutting back on spending on all sorts of non-essentials. Clothes, footwear, furniture and new technology are the biggest casualties as consumers attempt to manage their money.”
“It’s clear we are seeing the effects of customers’ concerns about the future and about their own levels of debt.”
When asked what their biggest concerns were more than half the respondents cited inflation as their most pressing worry and 39 per cent were concerned by interest rate rises.
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