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09/11/2005
Consumer confidence falls to new low
Consumer confidence fell for the third month in a row, driven by concerns about the economy and job prospects, it has been reported.
The Nationwide said that its consumer confidence index dropped to 92, its lowest level since the survey began last year.
The building society said that consumer confidence had fallen by 16% since April, largely due to a succession of bad news stories, including the terror attacks in London in July.
Nationwide executive director Stuart Bernau said: “Job losses at Rover, the London attacks in July, low house price growth and most recently higher petrol prices have all contributed to a summer of gloom, which is threatening to extend through the autumn.”
However, the Nationwide said that there were indications that consumer confidence may increase in the future.
The survey found that confidence about the housing market might be returning, with 41% of people surveyed expecting house prices to rise in the next six months – the highest level since last August.
The Nationwide’s spending index also rose slightly, indicating more positive news on retail sales as the Christmas shopping period approaches.
Mr Bernau added: “Recent positive news about both the number of housing transactions and house price inflation, as well as retail sales, all give indications that better times may lie ahead.”
(KMcA/SP)
The Nationwide said that its consumer confidence index dropped to 92, its lowest level since the survey began last year.
The building society said that consumer confidence had fallen by 16% since April, largely due to a succession of bad news stories, including the terror attacks in London in July.
Nationwide executive director Stuart Bernau said: “Job losses at Rover, the London attacks in July, low house price growth and most recently higher petrol prices have all contributed to a summer of gloom, which is threatening to extend through the autumn.”
However, the Nationwide said that there were indications that consumer confidence may increase in the future.
The survey found that confidence about the housing market might be returning, with 41% of people surveyed expecting house prices to rise in the next six months – the highest level since last August.
The Nationwide’s spending index also rose slightly, indicating more positive news on retail sales as the Christmas shopping period approaches.
Mr Bernau added: “Recent positive news about both the number of housing transactions and house price inflation, as well as retail sales, all give indications that better times may lie ahead.”
(KMcA/SP)
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