20 May 2024, 10:22
By Furniture News Dec 16, 2022

Consumer confidence edges upwards in December

GfK’s Consumer Confidence Index increased a meagre two points in December to -42. Three measures were up, one was down, and one was unchanged in comparison to the November 18th announcement.

The Major Purchase Index, which indicates consumers' willingness to purchase big-ticket items such as furniture, was up four points to -34 (still down 28 points YoY).

Joe Staton, client strategy director, GfK, says: “December marks the eighth month in a row in which the index has bumped along at -40 or worse, the first time this has happened since our records began nearly 50 years ago.

"Despite the latest GDP figures showing slight growth in October, the warning is of a tough road ahead and that the UK is not out of the recessionary woods. Real wages are falling as inflation continues to bite hard, further straining the discretionary budget of many households as we enter the last few shopping days before Christmas. The outlook for our personal financial situation over the next 12 months – perhaps the key metric as we enter a new year – is stuck at -29. And concerns about our economic future remain acute.

"As we enter the festive season, the overall index score is still depressed and, with scant seasonal joy at present and no immediate prospect of fiscal good news, it is unlikely we will see a rebound in confidence any time soon.”

© 2013 - 2024 Gearing Media Group Ltd. All Rights Reserved.