UK consumer confidence dips, hit by China, migrant crisis: GfK
[LONDON] British consumer morale fell more than expected in September as people worried about China's economic slowdown and Europe's migration crisis, a survey showed on Wednesday.
Market research firm GfK's monthly consumer confidence index slipped to +3 from +7 in August, which had matched June's figure as the highest since January 2000.
Economists polled by Reuters had expected a reading of +6.
"Both the Chinese economic downturn and its negative impact on global markets and the ongoing migrant crisis, combined with other economic woes across the euro zone, has hit home," Joe Staton, head of market dynamics at GfK said.
Perceptions of Britain's economy over the last year and for the year ahead both entered negative territory, which Staton blamed on a "depressed back-to-school mood" among consumers despite low inflation and rising wages.
The dip in consumer confidence comes after signs that overall economic growth in Britain lost some of its pace in the third quarter.
But a survey by the Confederation of British Industry published on Tuesday showed that British retail sales had beaten expectations this month by a comfortable margin.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
China builder Vanke tells investors it readied money to pay bond
Eurozone at turning point needs consumers to get out and spend
Chinese tariffs could leave cognac makers with too much brandy
Xi begins Europe tour in Paris as Macron seeks to reset ties
South Korea’s probe alleges 211.2 billion won of illegal short trades
Suzhou Industrial Park: The crown jewel of China-Singapore relations celebrates its 30th year