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Economy

Consumer confidence drops in Q3 amid continued Brexit uncertainty

The Deloitte consumer confidence index fell to -9% in Q3 2019, one point lower than in the previous quarter and two points lower compared to the same period a year ago.

Confidence is now at a level last seen in Q4 2018 and below the Deloitte Consumer Tracker’s long-running average.

Deloitte​ said that six months after the UK was given an extension to delay its departure from the EU until 31 October, the uncertainty surrounding Brexit has “persisted” and appears to be weighing “more heavily” on consumers.

Additional data from our survey, indicates that over the last three months, consumer confidence in the state of the UK economy was weak (-55%). By contrast, confidence levels among consumers who do not own a home improved, a sign that they might be benefiting from property price growth being the slowest in six years.

Deloitte said: “Consumers enter the fourth quarter in a relatively cautious mood and maybe for good reasons. While most of the UK economic fundamentals remain solid including the level of unemployment close to its historic low, there are already some signs of strain.

“The fact that CFOs are firmly focused on cost control means the UK may be set for weaker job and wage growth in the coming months.”

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