Consumer confidence has plunged to another new low amid deep concerns about personal finances over the coming year, new figures have shown.
According to market research company Growth From Knowledge (GFK), it’s long-running Consumer Confidence Index fell five points in September to minus 49, the worst score since records began in 1974.
The dataset revealed that confidence in personal finances over the coming year are down nine points to minus 40, and confidence in the economy over the next 12 months is down eight points to minus 68.
This marks the latest record low in the four out of the last five months for the consumer index.
However, the major purchase index, an indicator of confidence in buying big ticket items, remained unchanged at minus 38. But, it is 32 points lower than this time last year.
“Consumers are buckling under the pressure of the UK’s growing cost-of-living crisis driven by rapidly rising food prices, domestic fuel bills and mortgage payments,” GFK client strategy director Joe Staton said.
“They are asking themselves when and how the situation will improve.
“Today’s mini-budget, and the longer-term agenda to drive the economy and help rebalance household finances, will be the first major opportunity to deliver that improvement.
He added: “It will also be a major test for the popularity of Liz Truss’s new government.”
The news comes as the nation’s eating habits start to change, as the price of everyday items continue to soar and families eat less oven-cooked meals to save on energy bills.