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Consumer confidence improves in December

Consumer confidence has seen an uptick this month as people feel more optimistic about their personal finances in the run-up to Christmas. GfK’s long-running Consumer Confidence… View Article

GENERAL MERCHANDISE NEWS

Consumer confidence improves in December

Consumer confidence has seen an uptick this month as people feel more optimistic about their personal finances in the run-up to Christmas.

GfK’s long-running Consumer Confidence Index has increased by two points to -22 in December after all five measures rose compared to last month. However, the index is still in negative territory.

Joe Staton, client strategy director at GfK, said: “Against the backdrop of flatlining economic growth, interest rates at a 15-year high, and price rises potentially eroding disposable income for years to come, the Consumer Confidence Index shows a modest improvement.”

GfK’s measure for people’s expectations for the general economic situation over the next 12 months has risen by one point to -25 while its the major purchase index has edged up one point to -23.

Meanwhile, the forecast for personal finances over the next 12 months has increased by one point to -2, which is 27 points higher than this time last year.

Staton said: “Optimism for our personal finances for the next 12 months shows a notable recovery from the depressed -29 reported this time last year. Recovery in this number is important as it best reflects household financial optimism and control over personal budgets.

“Despite the severe cost-of-living crisis still impacting most households, this slow but persistent movement towards positive territory for the personal finance measure looking ahead is an encouraging sign for the year to come.”

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