Consumer confidence dropped again this month and is also beginning to hit younger consumers.
Overall consumer confidence dropped four points to -37 in January according to the GfK NOP Consumer Confidence Survey. This was 24 points lower than the same time last year.
Confidence for consumers aged 16-29 fell 10 points over the last month.
Rachael Joy in the consumer confidence team at GfK NOP said: “One of the most noticeable changes in overall confidence was apparent when we looked at the 16-29 year olds. This perhaps is a reaction to the recent spate of reported job losses, with fears that those wanting to enter the job market will be unable to do so.”
The survey also found that expectations for the general economic situation in the next 12 months dropped seven points to -48.
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