UK consumer confidence has continued to decline, and is now close to the level it was at immediately after the Brexit referendum, according to a new survey.
The YouGov/Cebr Consumer Confidence Index declined by -0.2 points to 107.9 in May, the lowest level since July 2016.
YouGov interviews 6,000 people every month and asks them about confidence in household finances, property prices, job security and business activity, both over the past 30 days and looking ahead to the next year.
Two of the eight measures increased in May, but five have fallen and one is flat. Homeowners’ expectations for property prices over the past month are unchanged, and they have become slightly more optimistic about house values over the coming year.
The underlying strength of property prices is the main issue giving confidence to consumers.
The most concerning aspect to householders is the continuing decline in people’s financial situation over the past 30 days.
As consumers start to feel the effects of rising inflation, this slipped to the lowest level since December 2014, while expectations for household finances over the next 12 months also fell.
Confidence in job security also fell to its lowest level since April 2013.