NEWS28 February 2020

Consumer confidence up in UK

News Retail Trends UK

UK – GfK’s Consumer Confidence Index has risen two point to -7 for February – the third month in a row it has increased.

blurry photo of shoppers walking along the street

However this rise is still against a backdrop of overall negativity.

In February, three measures – general economic situation over the past 12 months, general economic situations over the next 12 months and major purchase index – all increased. Personal financial situation over the next 12 months remained the same, while personal financial situation over the past 12 months fell.

Joe Staton, client strategy director at GfK said: "Against a February backdrop of rising wages and house prices, low unemployment and stable inflation, we report another healthy uptick in consumer confidence this month.

"The rise in the overall index score is driven by our increasingly positive view on the state of the UK’s general economy for both the past and the next 12 months. And, despite the fact that consumers have shown some concern about their day-to-day personal finances this month, a five-point jump in the major purchase index reflects the recent rebound in retail sales, as widely reported.

"Although the Index remains south of positive, the trajectory remains upwards. The only ‘known unknown’ is the potential impact of coronavirus on behaviour, confidence and spending patterns. This is a developing story, watch this space."