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Consumer confidence dips in October

UK consumer confidence has edged down in October as more people worry about the outlook for the general economy.

GENERAL MERCHANDISE

Consumer confidence dips in October

UK consumer confidence has edged down in October as more people worry about the outlook for the general economy.

GfK’s latest Consumer Confidence Barometer shows that the main headline index dropped one point this month to 2.

Joe Staton, head of market dynamics at GfK, said: “While belief in our personal financial situation for the next 12 months remains strong, growth in the top-line index has again stalled this month. The good news on the domestic front – with households lifted by wage growth, low interest rates and near-zero inflation – is being tempered by concerns about our ability to shrug off the global downturn.”

While the index relating to the forecast for personal finances over the next 12 months held steady at 6 in October, the index measuring expectations for the general economic situation over the next 12 months fell by two points to -4.

Meanwhile, the climate for major purchase index declined by seven points to 7.

Staton added: “Upwards momentum in the Index is also being dragged down by consumer worries about the past performance of the UK economy and expectations for the economy in the year to come. However, despite this month’s slip, the Overall Index Score has remained positive over 2015 in marked contrast to the lows reached between mid-2007 and early 2014 during the depths of the recent economic cycle.”

 

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