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Consumer confidence stable despite Brexit concerns

New figures have shown that consumer confidence remained stable in February, despite people's concerns around Brexit.

GENERAL MERCHANDISE

Consumer confidence stable despite Brexit concerns

New figures have shown that consumer confidence remained stable in February, despite people's concerns around Brexit.

GfK’s long-running Consumer Confidence Index increased by one point to -13 in the month.

Joe Staton, client strategy director at GfK, said: “Despite a slowdown in overall growth and concerns about the impact of Brexit uncertainty on the UK economy, topline consumer confidence is stable again this month.

“Although bumping along in negative territory, the Overall Index Score is not showing any sign of making the dramatic drop seen after the June 2016 Brexit Referendum or in the early days of the last financial downturn.”

While the index measuring people’s forecast for personal finances over the next 12 months stayed the same at 1 this month, the measure for expectations for the general economic situation over the same period rose by one point to -38.

Meanwhile, the major purchase index climbed by three points to 5; this is five points higher than in February last year. 

Staton added: “The continuing depressed sentiment towards the general economic situation might point towards the calm before the storm of post-Brexit headwinds and potential negative economic outcomes.

“It is worth bearing in mind that many economic indicators (employment levels, wage growth) remain positive. But it is frankly amazing that confidence is so stoic and stable in a world of sharp political instability and fear of the unknown.”

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