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UK: consumer confidence improved in November


According to the GfK's Consumer Index, consumer confidence in the UK grew by three points in November, on a comparable basis to the previous month, despite concerns over surging inflation

The research company has reported an increase in four of the index’s measures, but the highlight goes to the seven-point jump in the major purchase index, on a comparable basis to October 2021. Joe Staton, Client Strategy Director at GfK, commented that this could be good news for retail as shoppers seem inclined to “bounce back, after last year’s cancelled family gatherings, with a Christmas splurge in coming weeks”.

The index also revealed that consumers’ confidence in the general economic situation of the country over the past twelve months has risen by six points to -40 and expectations for the general economic situation for the coming twelve months improved by three points to -23, on a comparable basis to the past month.

The savings index measure has declined by seven points from October, reaching 15 in November. The index measuring changes in personal finances in the last twelve months has also dropped by two points to -7. Concerning the next twelve months, consumer confidence in the personal financial situation grew by 1 point, reaching 2.

“Headline consumer sentiment has ticked upwards this month despite decade-high inflation, fears of higher prices and worries over rising interest rates, and as the deepening cost-of-living squeeze leaves UK household finances worse off this winter. The view on the general economic situation over the past year and year to come is better this month (up six points and three points respectively) but consumers are slightly less buoyant on their personal finances. This weakness is important as it reflects day-to-day plans to save or spend and is a strong driver of overall UK economic growth”, summarized Joe Staton, Client Strategy Director at GfK.

The UK Consumer Confidence Barometer was conducted by GfK research company among a sample of 2 000 individuals aged 16, between the 1st of November and the 12th of November.


Image Credits: forbes.com

 
 
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