Consumer confidence remains fragile

Nationwide Building Society has reported a fall in consumer confidence last month.

The main Confidence Index fell by nine points in April, erasing the gains recorded the previous month, and is more than 30 points below its long run average.

All of Nationwide’s confidence indices saw a deterioration.

The mutual believes the news of recession may dent confidence next month, while the Queen’s Jubilee and the Olympics are likely to lift spirits over the summer.

Generally, consumers remain cautious about making major purchases, with 45% of respondents viewing it as a bad time to make a major purchase.