Consumer confidence has dropped again and shoppers do not expect the economic climate to improve soon, according to figures released today.
GfK NOP said confidence on its index has dipped a further four points from December, while people’s confidence in the overall economic situation has fallen seven points to -48.
Overall confidence has decreased by 24 points compared with this time last year, the research found.
Rachael Joy, from GfK NOP’s consumer confidence team, said: “The Saving measure also took a significant hit this month, a clear reaction to the interest rate drops, which are aimed at rejuvenating the economy.
“While there was a small improvement in the Major Purchase measure, we are still nowhere near the levels seen in 2007.”
A survey released this week by Verdict suggested that the grocery sector will stay resilient in the recession, as shoppers continue to permit themselves “treats”.
But the Confederation of British Industry said February will be a disappointing month for retailers.
