UK consumer confidence still weak as spending, jobs outlook worsens

22nd Jun 2026 10:36

(Sharecast News) - Sentiment levels among UK consumers remained weak this month, according to the latest S&P Global survey, with confidence about big-ticket spending and job security both falling to levels not seen in around three years.

The closely followed S&P Global UK consumer sentiment index was more or less unchanged from May, rising just 0.1 points to 42.2, but staying well below the neutral 50-point mark, which separates improvement from deterioration.

The household finance index rose to 40.0 from 38.9, though spending sentiment fell to 33.5 from 34.1, with the sub-index on consumer confidence about making major purchases dropping to a 35-month low of 29.4 from 30.9.

Labour market sentiment, meanwhile, slumped to 48.9 from 50.5, hitting its lowest since March 2023, with gauges measuring job security, activity at work and income from employment all deteriorating month-on-month.

Confidence levels around debt were unchanged in June, while the rate of reduction in savings was its second-fastest in 28 months.

"Uncertainty remains stark across households, as indicated by wavering confidence around the labour market. Workers reported the greatest level of insecurity about their roles in more than three years," said Maryam Balauch, economist at S&P Global Market Intelligence.

"A wait-and-see approach was also seen in relation to major purchases, with households continuing to put these off until the economic outlook becomes clearer. Additionally, when asked whether the Bank of England will raise rates or deliver further cuts, responses lean toward a more hawkish outlook."