Consumer confidence has slumped this month on declining sentiment across the board, GfK reported on Friday.
Citing “dark days ahead,” GfK unveiled a five-point drop in its consumer confidence barometer to -22 for January.
All measurements declined against December, the report showed, including consumer sentiment around personal finances and the wider economic situation.
“New Year is traditionally a time for change, but looking at these figures, consumers don’t think things are changing for the better,” GfK consumer insights director Neil Bellamy said.
He pointed to “particularly steep” declines in views on the UK economy, with the index around the last year down at -46 and the forward-looking measurement at -34.
“These figures underline that consumers are losing confidence in the UK’s economic prospects,” Bellamy added.
Bellamy also cited a separate measurement pointing to an increase in saving among consumers.
“This sharp increase is unwelcome because it’s another sign that people see dark days ahead and are therefore thinking of putting money aside for safety.”