The indicator linked to the economic expectations of British consumers fell by 14.5 points to 2.1 points between December and March. This is a drop of 25.8 points compared with March 2015. 

This perception is in contrast to the country’s actual level of economic growth, which last year increased by between 1.8% and 3% in comparison with respective previous quarters.

The report suggests that the pessimistic mood among consumers could be linked to fears around the EU referendum. Indications are that consumers feel fearful around potential negative repercussions for the domestic economy should Britain vote to leave the EU.

Looking at Europe more widely, the consumer climate for the EU28 fell by 3.2 points to 9 points. The influx of refugees from Syria was put forward as a potential cause of this drop. 

Full findings can be accessed here.