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Brexit fears see consumer confidence dip to lowest level for 15 months

Uncertainty surrounding June’s EU Referendum, along with more looming Eurozone turmoil has served to shake UK consumer confidence to its lowest level for 15 months.

The figures, released today (Friday) by market research firm GfK as part of their ongoing barometer of consumer sentiment, saw falls across every measure in April as consumers become increasingly jittery ahead of 23 June.

Surveying 2,000 people in the first two weeks of April saw GfK’s index drop to -3, falling from 0 in March and the first time it has entered negative territory in over a year.

Consumer worries were also reflected in decreases in sentiment for their personal financial situation, the country’s general economic situation and the major purchase index.

Joe Staton, Head of Market Dynamics at GfK, commented: “Mixed-messages about a post-Brexit world and the on-going Eurozone crisis are casting a cloud over our economy. After a continuous 15-month showing of positive numbers in the barometer, April 2016 sees the UK drop back into negative territory with a -3 score.

“The biggest dent to confidence comes from consumers’ depression about the general economic situation in the UK for the next year, dropping 20 points in 12 months. Against this backdrop, even faith in our personal economic fortunes has taken a battering contributing to the overall fall in the numbers.

“Trends in confidence show our degree of optimism about the state of the economy and this indicator will make for interesting reading between now and the EU referendum on June 23rd.”

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