Consumer confidence sees modest rise in November

GfK’s long-running Consumer Confidence Index increased three points in November to -44. All measures were up in comparison to the October 21st announcement – the Major Purchase Index was up three points to -38, still 35 points lower than this month last year.

Joe Staton, client strategy director, GfK, says: “Despite the three-point rise in confidence to -44 this month, and improvements in all measures registering the financial and economic mood of the nation, November’s Overall Index Score remains at a near historic low.

“This month’s fillip is likely to reflect nothing more than a collective sigh of relief as a new Prime Minister takes charge following the alarming fiscal antics we saw in September. This is not the end of the beginning. External factors have changed little and, with UK inflation recently hitting a new high, more bad news is inevitable.

“Household budgets remain shrouded in massive uncertainty with fresh jumps in food prices, energy still uncomfortably expensive, the prospect of new interest rate rises pressurising mortgage and rent payments, potential future hikes in council tax and squeezed real pay. Consumers are looking for a festive cocktail of certainty and optimism not this mishmash of austerity and pessimism. Good news remains in short supply as many people struggle to manage the purse strings during this protracted and painful cost of living crisis.”

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *