The GfK’s UK Consumer Confidence Index decreased one point to +2 in October. Three of the five measures used to calculate the Index saw decreases this month, one went up, and the other one was unchanged.
Joe Staton, head of market dynamics at GfK, says: “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. 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.”
The Major Purchase Index decreased seven points this month to +7 (still 12 points higher than this time last year).
This research is carried out by GfK on behalf of the European Commission.