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UK election results hit consumer confidence – YouGov

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The indecisive outcome of this month’s general election damaged consumer confidence, according to data released by YouGov.

The research firm saw a sharp dip in the important economic measurement immediately after the vote.

“UK consumer confidence slumped sharply after the indecisive result of the general election, falling to levels comparable to the immediate aftermath of last year’s vote to leave the EU, our latest analysis with the Centre for Economics and Business Research shows,” explained YouGov head of reports Stephen Harmston.

“We found that in the first eight days of June – before the results were known – the YouGov/Cebr Consumer Confidence Index stood at 109.1, around the same level it was at the month before the snap election was declared. However, in the first twelve days after the votes were counted, the Index fell to 105.2.”

YouGov identified two key drivers in the data: lack of confidence over property prices, and a “slow puncture” in people’s household finances.

“However, the data suggests that the job security and business activity measures, both for the last 30 days and the next 12 months, are proving relatively resilient,” said Harmston.

 

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