The Olympics has failed to boost consumer confidence, according to research body GfK.
The GfK NOP UK Consumer Confidence Index was flat at -29 in August, the same level as the previous two months.
GfK managing director of social research Nick Moon said: “Confidence has never been so low for so long – even during the dark days of the 2008 to 2009 recession. Unlike last year’s royal wedding, which boosted consumer confidence, there has been no spike to consumer sentiment following the Olympics.”
Moon said it was possible that the Games actually did boost confidence, however, it has been cancelled out by the “grim economic outlook”.
He said: “When mixed with grim sales figures from the last month it paints a worrying picture for retailers as they head towards autumn. It’s clear that consumer confidence is trapped in a spiral of depression and it doesn’t look like it will improve any time soon.”
Despite the overall consumer confidence index remaining flat, three of the five measures - how people view their personal financial situation over the last year, the general economic situation over the same period, and general economic situation over the next year - showed small increases.
However, confidence worsened when asked about their personal financial situation for the next year and the climate for making major purchases.