Consumer confidence holds steady in November
Consumer confidence in the UK held steady in November according to figures released by GfK in its latest Consumer Confidence Barometer.
While the headline index remained at -2, the index measuring the ‘climate for major purchases’ increased by five points this month to 0, which is 13 points higher than this time last year.
Nick Moon, managing director of social research at GfK, said: “This is the eighth month in a row that the index has stood within two points either way of -1. We are clearly in very different territory to the period between April 2013 and June 2014 when there was a dramatic overall rise. Sluggishness like this has happened before, most notably from July 2011 to October 2012, so it is quite possible this flat period will continue for some time longer. Were it the same length as the last one this flat period would go on right up till the election.”
The index measuring changes in personal finances during the last 12 months stayed the same this month at -7 while the measure for personal finances over the next 12 month dropped by two points to 2.
Meanwhile, the measure for the general economic situation of the country over the next 12 months fell by two points to 0; this is one point higher than this time last year.
Moon added: “The Government will be hoping to go into the General Election on a rising tide, and there is clearly scope for this: since the Index began in 1974 we have seen scores of +10 or higher on several occasions. But unless the public gets another burst of good economic news it’s hard to see this happening anytime soon.”
