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GfK: Consumer Confidence Remains at -14

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GfK's UK Consumer Confidence Index has remained stable for January but is still five points lower than this time last year.

Joe Staton, Client Strategy Director at GfK, says: 

“With the Overall Index Score stuck at -14 this month, UK consumers remain in a ‘wait and see’ holding pattern in the face of political chaos in Westminster. 

"We’re feeling slightly more confident about our personal finances, thanks to the effect of strong employment, low interest and inflation rates, and rising household incomes. However, concerns about the wider economic prospects for the country continue to weigh and depress the Overall Index Score.

"We have a -39 for ‘General Economic Situation over the next 12 months’ – the lowest for more than seven years and getting close to the levels we saw at the end of 2008 and in early 2009. This is unsurprising given that consumers, companies and corporations thrive on certainty, which is in short supply just two months before the planned date for the UK’s EU-exit.

"The next few months promise to be turbulent for the consumer so will this measure for the economic outlook in the coming year drop even further?” 

UK Consumer Confidence Measures – January 2019

The Overall Index Score in January 2019 is -14, two of the five measures decreased in January, two decreased and one stayed at the same level.   

Personal Financial Situation 

The index measuring changes in personal finances during the last 12 months has increased one point this month to 0; this is one point higher than at the same point last year.

The forecast for personal finances over the next 12 months has increased two points to +1 this month; this is five points lower than January 2018. 

General Economic Situation 

The measure for the General Economic Situation of the country during the last 12 months has dropped four points to -35 this month; this is six points lower than January 2018.  

Expectations for the General Economic Situation over the next 12 months have decreased one point to -39; this is 15 points lower than January 2018.   

Major Purchase Index 

The Major Purchase Index stayed at the same level in January 2019 at +2; this is one point lower than January 2018.    

Savings Index 

The Savings Index has decreased two points in January to +14; this is four points higher than at this time last year.

Source : GfK

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31 January 2019

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