29 May 2024, 03:41
By Furniture News Nov 20, 2020

Consumer confidence ebbs in November, says GfK

GfK’s Consumer Confidence Index decreased two points to -33 in November. Three measures decreased in comparison to last month's announcement, and two were unchanged.

The Major Purchase Index, which indicates willingness to sepnd on big-ticket items like furniture, decreased by one point to -28 in November – 28 points lower than it was in November 2019.

Joe Staton, client strategy director, GfK, says: “In our post-lockdown, pre-vaccine index this month we report another deterioration in headline consumer confidence to -33, a drop of two points.

"Although there is no movement in our views on the economy, people are clearly losing their nerve regarding their personal finances, with scores for the last 12 months and the year to come sharply down by seven points and five points respectively. This will deal a blow to any future rebound because bullish consumer spending fuels the UK economy and low confidence is the enemy of recovery.

"The second lockdown couldn’t have come at a worse time for the UK’s high-street retailers and it’s no surprise that our major purchase sub-measure is once again mired deep in negative territory. On all fronts, economic headwinds still outnumber tailwinds sadly, and consumers can be excused for showing little in the way of Christmas cheer.”

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