Consumer confidence bounces back
November 19, 2021
Consumer confidence for major purchases like home furnishing and flooring has showed an unexpected bounce back, despite rising fears about inflation and cost-of-living increases.
GfK's key Major Purchase Index shows a seven-point jump from October and is a full 25 points up on this time last year. This index tracks consumers appetite for big ticket items like household goods, appliances, furniture and flooring.
The overall measure of general consumer confidence was up three points in GfK's monthly analysis published today.
Joe Staton, Client Strategy Director GfK, comments: “Headline consumer sentiment has ticked upwards this month despite decade-high inflation, fears of higher prices and worries over rising interest rates, and as the deepening cost-of-living squeeze leaves UK household finances worse off this winter.
"The view on the general economic situation over the past year and year to come is better this month (up six points and three points respectively) but consumers are slightly less buoyant on their personal finances," he said.
"One highlight for both physical and virtual retail is the seven-point jump in major purchase intentions in the run-up to Black Friday and Christmas," said Joe. "Is this a sign that shoppers are ready to bounce back? 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.”
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