The GfK survey comes in at ts lowest since November of last year.

Factors cited include:

  • rising inflation
  • higher interest rates
  • the war in Ukraine

More via Reuters:

  • Readings of -30 and below have presaged recession on four out of five occasions since the survey started in 1974.
  • "A wall of worry is confronting consumers this month and there is an unmistakable sense of crisis in our numbers," Joe Staton, GfK's client strategy director, said. "Confidence in our personal financial situation and in the wider economy are severely depressed while the daily news of unimaginable suffering from a horrifying war in Europe and rising COVID numbers at home is adding to the bleak mood."
  • British retailers saw their sales fall this month as the cost-of-living squeeze tightened, a separate survey by the Confederation of British Industry showed