Consumer confidence in Britain has plunged to a record low following massive job losses amid the economic downturn, latest research shows.
The Nationwide Building Society's consumer confidence index for December fell four points from November to 47, down by nearly half from 84 in December 2007, Sky news reported Tuesday.
Over 70 percent of the 1,000 people polled believe the current economic situation is bad while 57 percent think job losses have driven the index down.
Some 19 percent expect their household incomes to be lower in six months' time, compared with 16 percent in November, marking the largest monthly change in over a year.
"Consumers' confidence fell sharply in 2008, driven mainly by their sentiment about the economic and labor market situation," said Fionnuala Earley, chief economist for Nationwide.
As the British economy enters recession, it would be some time before confidence returns to 2007 levels, she added.
Nonetheless, many consumers agree that now is a good time to buy household items as prices plummet after Christmas and the New Year.
While house prices have dropped by 15.9 percent in December from a year earlier, more consumers expect to see a further fall in the next six months.
Source: Xinhua
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