LONDON (MNI) – UK consumer confidence in February was unchanged
from January, holding well above its recent lows but still depressed by
historic standards.
The headline GfK Consumer Confidence Index came in at -29 in
February, matching January’s reading which was the highest outturn since
June last year, but still well below the data series’ average of -9.
There was a deterioration in the balance of respondents saying now was a
good time to make a major purchase and confidence still appears to weigh
on the UK economic outlook.
The February outturn was in line with the GfK series’ annual moving
average, which stood at 29.08.
Consumers’ perceptions of their personal financial situation
improved a little. The reading for the personal financial situation over
the past 12 months edged up to -21 from -22, and over the next 12 months
rose to -6 from -9.
The climate for major purchases measure, however, fell to -27 in
February from January’s -22. Retailers have reported weakness in sales
of big-ticket items and the GfK survey suggests this will continue.
Perceptions of the general economic situation over the next 12
months improved, climbing to -29 from -33.
“The grounds for cautious optimism are found in the detail of the
Index. While the climate for major purchases fell following the January
sales, this has been offset by an improvement in consumer sentiment
about the state of the economy and how people feel about their finances
over the coming year,” Nick Moon, Managing Director of GfK NOP Social
Research, said.
The GfK/NOP survey was carried out between Feb 3 and Feb 12.
–London newsroom 44207 862 7491; email: drobinson@marketnews.com
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