Consumer confidence has hit a record low, according to research by Nielsen and the British Retail Consortium.
84 per cent of people in the UK believe the country is in recession, up from 65 per cent in May. Only 18 per cent of people think the country will be out of recession within a year.
In its latest poll, the Nielsen and BRC consumer confidence index fell from 79 points in May to 74 points. This time last year, the index stood at 94 points and peaked at 101 in spring 2006.
60 per cent of people in the country think that their personal finances are “not so good” or “bad”, while 69 per cent said now was “not a good time” or “bad time” to buy the things they want or need. 70 per cent thought their job prospects were “not so good” or “bad”.
39 per cent of people polled said that their biggest concern or second-biggest concern was rising utility bills.
Only 28 per cent of people said they would spend their disposable income on holidays and only 18 per cent said they would spend spare money on out-of-home entertainment.
BRC director-general Stephen Robertson said: “With only one in five people believing recession will be over this time next year, it’s certainly going to be a tough Christmas and New Year.”
He added that there were reasons to be optimistic, citing the slashing of interest rates, falling costs and promotions and price cuts, which will appeal to the consumer
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