Consumer confidence 'stuck in doldrums'
According to GfK’s long-running Consumer Confidence Index, the drop in the index to -9 this month, meant it was the 28th consecutive month without an overall positive score.
Joe Staton, client strategy director at GfK, said: “Hope springs eternal for better numbers but the continued uncertain economic forecast means that the sun is not yet shining brightly for UK consumers.
“Despite the headline news proclaiming that UK wages rose faster than inflation, that there’s no imminent interest rate rise on the horizon, and that we enjoy record high levels of employment, the Index continues to bump along stubbornly in negative territory with a two-point slide to -9 this April.”
GfK’s measure for the forecast for personal finances over the next 12 months fell by six points to 4 this month while the measure for expectations for the general economic situation over the next 12 months decreased by two points to -24.
However, the major purchase index edged up one point to 3 but this was four points lower than in April 2017.
Staton added: “Worryingly, there is a steep decline this month in the numbers concerning our personal financial situation – for both the past 12 months and the year ahead. This is the measure relating to security in our day-to-day finances and propensity to shop, spend and plan for their future. There’s little evidence of optimism in that respect. Consumer confidence is stuck in the doldrums.”
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