consumer confidence has fallen for the seventh month in a row as rising inflation erodes household purchasing power, figures suggest.
Confidence fell last month to its lowest point since August 2020, an analysis by youGov and the Center for Economic and Business Research (CEBR).
Households reported that their finances deteriorated in the past month, while their outlook for the next 12 months also deteriorated.
Feelings among homeowners, however, were more of a mixed bag: The survey’s home value index for the past month rose but the outlook fell.
Emma McInnes, global head of financial services at YouGov, said: “The current figure is at its lowest point since August 2020, amid growing concerns about the cost of living crisis.
“Notably, confidence around house prices and job security has risen, but has been offset by a continued sharp decline in confidence in household finances.”
Josie Dent, managing economist at Cebr, said: “In June, the YouGov/Cebr Consumer Confidence Index saw a further decline, driven by the ongoing acceleration in inflation, which has eroded household purchasing power.
“This leaves many people with less money left at the end of each month, even forcing some to cut back on food spending, use their savings or take on debt to make ends meet.”