British consumer confidence drops
Mon, 02 May 2011 12:03:09 GMT
British consumer confidence experienced another slump this past April, according to a key indicator, a new survey has shown.
The survey commissioned by GfK NOP on behalf of the European Commission showed a worrying trend amid a three-point fall, British media reported.
The GfK NOP Consumer Confidence Index has fallen three points this month to -31, according to the reports.
The figure is alarming considering the fact that this index has, in its over 30-year history, only dropped below -30 twice before -- once in early 1990 and the other in mid-2008, according to the reports.
Meanwhile, all five of the GfK NOP confidence measures that make up the overall barometer index, have registered a fall in April, the survey found.
“It is particularly striking that all five areas of the Index fell this month, pointing towards growing gloom as we head into summer. These figures must make the possibility of a double dip recession increasingly real,” said Nick Moon, the managing director of GfK NOP.
The measure of personal financial situation fell from -19 in March to -23 in April over the past 12 months.
It stood at -16 this time last year. The personal financial situation for the next 12 months fell from -10 to -14, which is 16 points lower than April of last year.
The general economic situation over the last 12 months fell three points in the month to -57, 10 points lower than last year.