Glad tidings on consumer confidence
December 15, 2023
Glad tidings of some joy this Christmas as retail analysts report that consumer confidence in buying big-ticket items like flooring has grown again in "an encouraging sign for the year to come."
The monthly GfK Consumer Confidence Index out today saw an increase by two points to minus 22 in December 2023. It's Major Purchase Index which covers intentions to purchase furniture, flooring and appliances is up one point to minus 23 – 11 points higher than this time last year.
Joe Staton, Client Strategy Director, GfK, says: “Against the backdrop of flatlining economic growth, interest rates at a 15-year high, and price rises potentially eroding disposable income for years to come, the Consumer Confidence Index shows a modest improvement this month with gains across all key measures.
“Although the headline figure of minus
22 means the nation’s confidence is still firmly in negative territory, optimism for our personal finances for the next 12 months shows a notable recovery from the depressed minus
29 reported this time last year. Recovery in this number is important as it best reflects household financial optimism and control over personal budgets.
“Despite the severe cost-of-living crisis still impacting most households, this slow but persistent movement towards positive territory for the personal finance measure looking ahead is an encouraging sign for the year to come,” he said.
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