UK consumer confidence rises in November on Christmas bounce
It seems consumers took a breather in November, sidelining concerns over decade-high inflation and potential retail shortages as UK consumer confidence actually inched up, according to GfK on Friday.
Up three points on October with a reading of -14, it reversed a three-month downward trend. And there was positive news for retailers in the run-up to Black Friday and Christmas, reflected in a seven-point jump in the major purchase index.
“Is this a sign that shoppers are ready to bounce back, after last year’s cancelled family gatherings, with a Christmas splurge in coming weeks? That’s how it looks, but consumers also know that when the festivities are over it’s going to be a tough year in 2022,” cautioned GfK Client Strategy Director Joe Staton.
And that latter comment looks to have hit a chord with some consumers who are less buoyant on their personal finances. The index measuring changes in personal finances over the last 12 months dropped two points to -7, although this remains nine points better than last November when all-things-Covid dominated.
Elsewhere, the measure for the general economic situation of the country during the last 12 months is six points better at -40 and is 27 points higher than in November 2020. Expectations for the general economic situation over the coming 12 months have improved by three points to -23, some 27 points higher than November 2020.
However, the savings index weakened by seven points to +15 in November, four points higher than this time last year.
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