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Consumer confidence edges up this month despite soaring inflation

New figures have shown that consumer confidence has crept up this month despite soaring inflation. According to GfK’s long running Consumer Confidence index, it rose by… View Article

GENERAL MERCHANDISE NEWS

Consumer confidence edges up this month despite soaring inflation

New figures have shown that consumer confidence has crept up this month despite soaring inflation.

According to GfK’s long running Consumer Confidence index, it rose by three points to -14.

Joe Staton, client strategy director GfK, said: “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 index measuring the forecast for people’s personal finances over the next 12 months  has increased by one point to +2 this month, while the measure for expectations for the general economic situation over the same period has improved by three points to -23.

Meanwhile, GfK’s major purchase index has risen by seven points to -3 in November.

Staton said: “One highlight for both physical and virtual retail is the seven-point jump in major purchase intentions in the run-up to Black Friday and Christmas. Is this a sign that shoppers are ready to bounce back, after last year’s cancelled family gatherings, with a Christmas splurge in coming weeks? That’s how it looks but consumers also know that when the festivities are over it’s going to be a tough year in 2022.”

Photo credit: Georgia Hawkins

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