UK consumer confidence falls more than expected - GfK
(ShareCast News) - UK consumer confidence ebbed more than expected this month, according to a widely followed survey from GfK
GfK's consumer confidence index fell to -12, the same level as the month after the Brexit vote, down from -10 the month before and slightly worse than the City forecasts of -11.
All five measures used to calculate the score fell in November, with the major purchase index sliding six points to -3, though the survey was taken before the Chancellor's Budget and the Black Friday sales.
Consumer confidence in the general economic situation over the past year waned further, down three points to -32, while expectations for the next 12 months dropped two points to -28.
People's confidence about their personal financial situation remained the only positive element in the survey, despite falling two points to +2.
"The confidence trajectory is unquestionably negative and sadly no amount of tinsel or baubles will change it," said GfK's head of market dynamics, Joe Staton.
"We need some big, positive economic good tidings to reverse this downwards trend - some snap we can put into our Christmas crackers."
He noted it was the second time this year that consumer confidence has matched the "worrying" score seen in July last year and the 20th consecutive month where the overall score has come in at a negative value.
"Household jitters following the recent interest rate hike, squeezed incomes, higher inflation, and economic uncertainty have dampened the consumer mood across the UK," Staton said.
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