Consumer confidence edges down in January

New figures have shown that consumer confidence has edged down in January despite the ongoing rollout of the Covid-19 vaccine.

The data from GfK’s long-running Consumer Confidence Index reveals that it has dropped by two points this month to -28.

Joe Staton, GfK’s client strategy director, said: “Despite the widespread anticipation of a ‘return to normal’ with the ramp-up of the vaccination programme, it is too early to deliver a jolt in the arm to UK consumer confidence.”

GfK’s major purchase index has fallen by two points to -24 while the index measuring people’s expectations for their personal finances in the next 12 months has declined by one point to 2. Meanwhile, the index for expectations for the general economic situation over the same period has dropped by nine points to -44.

Staton added: “Our view of the general economic situation still makes for grim reading, especially expectations for the coming year, which shows a nine-point drop. This continues to suppress the overall index, which is further dampened by a weak major purchase score, as reflected in retail sales figures across the country.”

TAGS