Consumer confidence continued to fall in June
A survey by Nationwide Building Society has revealed consumer confidence dropped for the sixth consecutive month in June.
Consumer morale lowest in over 13 yearsThe Nationwide consumer confidence index dropped from 65 to 61. The survey also revealed that 53 per cent of consumers believe the economic situation will be worse in six months time, the highest figure so far this year and significantly above the 24 per cent of people who thought the same thing this time last year.
Only 16 per cent of people in the survey said the thought their household income would be higher in six months time, five per cent less than in May and 10 per cent lower than the same time last year.
The number of consumers who think now is a good time to make a major purchase such as a house or car increased however to 18 per cent, the highest level since July of last year.
Fionnuala Earley, Chief Economist at Nationwide, said, "This month's drop in confidence is to be expected given the recent run of bad news. With reports of rising inflation rates, weaker economic growth and further falls in house prices, it is not surprising that people are feeling much less optimistic about the future. While consumers appear to be fairly relaxed about the availability of jobs, with unemployment beginning to rise, we are likely to see a change in labour market sentiment over the coming months."
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