UK consumer confidence slumps, highlighting North-South divide

New figures from the YouGov/Cebr Consumer Confidence Index shows that confidence has dipped over the last month, down from 113.7 in May to 112.1 in June.

Seven of the eight measures that make up the index have fallen in June with one other – home value over the past month – remaining level.

The data also shows the staggering extent of the regional discrepancies in consumer confidence across Britain, highlighting the gap between north and south.

Consumers in the South East have the greatest economic optimism – 6.5 points ahead of the national average, closely followed by London (5.7 points above the national average) and the East of England (4.4 points).

Wales and the North East have the lowest levels of consumer confidence. Wales falls -7.7 points behind the national average with the North East -8.4 points back.

Consumer confidence the North East is 23 months behind the South East – the last time economic optimism in the South East was at the level currently experienced in the North East was March 2013. 

Stephen Harmston, Head of YouGov Reports, said: “The discrepancy in consumer confidence between the regions is startling. While many people in the South and East of England are reaping the rewards of growth, those in the North, Wales and Scotland are struggling for economic momentum.

“Many consumers in these areas have not seen that much of a recovery and as such are still waiting to feel the full benefits of the recovery. This is shown by the fact that consumer confidence in London and the South East are years ahead of some regions of the UK.”