Happy new year for confidence
January 26, 2024
Retail analysts report "exciting" trends in consumer confidence, including for big ticket items like flooring, with the best headline score for optimism in over two years.
GfK’s long-running Consumer Confidence Index increased three points to -19 in January. The Major Purchase Index which covers furnishing, flooring and appliances, also rose three points to -20; this is 20 points higher than this month last year.
“Consumer confidence has started the year well with all measures up," says Joe Staton, Client Strategy Director GfK. "Importantly, the view on our personal financial situation for the coming year has gained two points and now stands at zero. This is exciting as it ends 24 consecutive months of negative scores for this measure and this significant change is the best single indicator for how the nation’s households feel about their income and expenditure."
Mr Staton added: “Despite the cost-of-living crisis still impacting many households across the UK, consumers appear to be encouraged by the positive news about falling inflation. On balance, while there is national and global turmoil, the Consumer Confidence Index has started 2024 on a positive note – let’s see if this optimism continues.”
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