London-listed retail big caps fell across the board on Friday, reflecting the larger-than-anticipated drop in the GfK Consumer Confidence Index.
GfK data showed consumer confidence fell by seven points to -20 in August, making for a considerably worse print than the -13 forecast.
The fall in confidence comes despite retail sales figures for August, also released today, comfortably overshooting guidance.
Economists suggested that the new government’s warnings of a high-tax October Budget are making consumers nervous.
JD Sports Group plc shares took a 2% hit, Sports Direct-owner Frasers Group PLC (LSE:FRAS) fell nearly 3%, B&Q-owner Kingfisher plc fell by 3% and Next plc, which recently hit an all-time high, fell back 2.9%.