(Sharecast News) - Consumer confidence in the UK slipped in October amid worries about Brexit, according to a widely-followed survey.
GfK's long-running consumer confidence index nudged down one point to -10, in line with expectations.
Three of the key measures fell, while two were unchanged. Client strategy director Joe Staton said: "The prospect of a no-deal/hard-deal Brexit must surely be weighing heavily on people's minds, injecting a mood of despondency as to how people view their future personal finances and the longer-term economic outlook for the UK.
We also appear to be losing confidence that now is 'the right time' to make major purchases.
This will concern retailers in the run-up to Black Friday, Cyber Monday and the key Christmas trading period. "Consumers behave like financial markets - when confidence is lacking, markets stutter and tumble.
When confidence comes back, we are more than willing to spend, borrow or save.
However, with no immediate prospect of any feelgood news impacting our hearts, minds and wallets, the Index is set for further declines.
It looks like the UK Government will need to administer an exceptionally strong tonic to the nation to settle the obvious Brexit anxieties." The measures for the general economic situation of the country over the last 12 months and personal financial situation over the last 12 months were unchanged at -28 and 1, respectively. The measure for the personal situation over the next 12 months nudged down to 4 from 5 in September, while the measure for the general economic situation over the next 12 months also slipped one point, to -28. Meanwhile, the major purchase index was down two points to 4 in October.
Investors should be aware that past performance is not a reliable indicator of future results and that the price of shares and other investments, may fall as well as rise and the amount realised may be less than the original sum invested.
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