Optimism over the health of the UK economy has slipped for the first time in five months, prompting consumers to prioritise saving over spending, a long-running survey suggests.
The GfK consumer confidence index, which has been published since the 1970s, held steady over the past month at -13, still above the long-term average of -18. The figure was lower than City analysts’ forecasts.
Mounting concerns about the trajectory of the economy over the coming year constrained consumer confidence. GfK’s economic optimism index dropped by 4 points to -15, the first decline since February. Households were also less convinced about the economy’s performance over the past 12 months, which included a recession.
Despite that contraction in growth expectations, households are less worried about the state of
