22 May 2024, 12:31
By Furniture News Dec 17, 2021

Major purchase demand slips in December

GfK’s Consumer Confidence Index decreased one point to -15 in December. Two measures were up, and three were down in comparison to the November 19th announcement.

The Major Purchase Index decreased by three points to -6, leaving it 16 points higher YoY.

Joe Staton, client strategy director, GfK, says: “News about the Omicron variant could not have arrived at a worse time for festive celebrations. As thoughts began turning to Christmas and the New Year, Omicron jumped out of nowhere and threatened to bring Santa’s sleigh crashing to a halt.

"While the holiday season has not yet been hijacked, December’s headline score has slipped one point to -15 and the lack of yuletide cheer is evident. Both measures that look at how people see the coming year have slipped – down one point for personal finances over the next 12 months and down one point for the wider economy during 2022. This is driven by concerns over the soaring cost of living with the prospect of looming interest rate rises piling on more pressure. And dispirited Brits say they are less inclined to make major purchases during the countdown to Christmas. We end 2021 on a depressing note and it looks like it will be a bleak midwinter for UK consumer confidence possibly with new Covid curbs and little likelihood of any real uplift in the first months of 2022.”

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