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NEWS29 September 2017

UK consumer confidence shows mixed view

Brexit News Trends UK

UK – Confidence in personal finances has declined by three points but in the general economic situation it has risen two points in September 2017, according to GfK’s Consumer Confidence Index.

The overall index was up one point but still sits at -9 for September. Both measures for personal financial situation decreased, while the two measures for general economic situation as well as the Major Purchase Index increased.

The measure for the general economic situation during the past 12 months has increased two points to -28; this is 12 points lower than September 2016.Expectations for it over the next 12 months have increased three points this month to -24; this is still 15 points lower than this time last year. 

Joe Staton, head of market dynamics at GfK, said: "Confidence in personal finances, both looking back and ahead a year, has slipped this month but retail sales in the UK continue to grow despite non-food prices increasing at their highest rate for 25 years.

"Consumers appear to be in a mixed mood – with some confidence measures up and others down – yet there’s a strong note of defiance. Many commentators expected shoppers to cut back on spending thanks to the lower purchasing power that arises from higher inflation and weak wage growth. But consumers are still spending out there, and have repeatedly defied predictions of a downturn since last year’s Brexit vote."