BRC: Consumer confidence hits new low
May 11 2009
Consumer optimism in the UK has fallen to its lowest level since British Retail Consortium (BRC) records began in 2004.
The organisation's consumer confidence index has dropped from 74 points in October to a record low of 65 points.
Stephen Robertson, director general of the BRC, comments: 'This survey suggests the economy's climb back to growth will be harder and slower than the government claims. Customers and retailers will go on suffering for a good while yet.'
The BRC's survey claims that the fall in confidence is linked to uncertainty in the employment market, after 86 per cent of people reported 'negativity' about their job prospects for the next year.
In addition, 47 per cent said they are reluctant to spend on essential and non-essential items in the immediate future, while just 13 per cent believe the UK will emerge from the recession in the next 12 months.
Richard Dodd, head of media and campaigns at the organisation, recently said that retailers are worried the increase in sales seen in April will be a 'blip' which will not continue in the coming months.
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