The firm’s long-running Consumer Confidence Index decreased one point to -41 in June, setting a new record low.

The four scores on GfK’s personal finances and the wider UK economic picture have all dropped and its measure on major purchase intentions is flat.

Joe Staton, client strategy director at GfK said that with prices rising faster than wages, and the prospect of strikes and spiralling inflation causing a summer of discontent, many will be surprised that the index has not dropped further.

He said: “The consumer mood is currently darker than in the early stages of the covid pandemic, the result of the 2016 Brexit referendum, and even the shock of the 2008 global financial crisis, and now there’s talk of a looming recession.

“One thing is for sure, Britain faces a stark new economic reality and history shows that consumers will not hesitate to retrench and tighten their purse strings when the going gets tough.”

The full index can be found here.