Skip to main content

Confidence plunges to 'historic low' amid cost of living crisis

Economy
Will Payne
24 October 2022

Confidence has dropped to a record low as the cost of living crisis continues to impact consumer spending habits, according to Deloitte’s latest Consumer Tracker.

Overall consumer confidence has fallen to its lowest level since the tracker began in Q3 2011 (Credit: Josh Appel/Unsplash)

Confidence fell for the fifth consecutive quarter in Q3 2022, falling by one percentage point to a historically low -20%.

The tracker is based on responses from 3,226 UK consumers aged 18+ between 17 and 18 September. Overall consumer confidence has fallen to its lowest level since the tracker began in Q3 2011.

Two in five (39%) consumers said they are spending less on going out and on leisure activities as a way to save money, resulting in net spend across leisure falling quarter-on-quarter by two percentage points, to -12%, in Q3.