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Consumer confidence slips in February

Friday February 26th 2016

UK consumer confidence has slipped in February as consumers worry about the prospects for the general economy.

GfK’s long-running Consumer Confidence Index shows that the main headline index dropped four points to zero this month.

While the index relating to the forecast for personal finances over the next 12 months decreased by one point to 8, the index measuring expectations for the general economic situation over the next 12 months fell by seven points to -12.

Meanwhile, the climate for major purchase index declined by four points to 12.

Joe Staton, head of market Dynamics at GfK, said: “While faith in our own personal financial situation continues to remain strong for the year ahead with just a one-point drop to +8 points, we are clearly worried about the general economic situation for the country.

“Here, there have been sharp drops both for the view over the past year and the coming year. So, despite the positive impact of continued low interest rates and subdued inflation on our day-to-day household budgets, the feeble outlook for growth and a variety of economic uncertainties since the start of the year has depressed our New Year optimism.”