Confidence jumps up for big ticket purchases
March 19, 2021
A new mood of confidence for purchasing big-ticket items is reported by the UK's leading retail analysts with an 8-point boost in the critical index that affects spending on home furnishing.
GfK's Major Purchase Index rose 8-points to minus 11 – the number was minus 34 this time last year and still minus 28 in January 2021.
Joe Staton, GfK’s Client Strategy Director, comments, “Spring is in the air on the back of well-received Budget announcements, the successful vaccine roll-out and roadmaps in place for ending lockdown.
"The scores looking ahead one year are recovering especially well. The personal finance measure for the next 12 months is now at +10, which is the first time in three years it has been this high," said Mr Staton. "Our measure on economic prospects for the next 12 months is also up 13 points to -17, a strong result following February’s equally strong 14-point boost.
"If this improved mood translates into spending, it might help reverse some of the economic damage the UK has suffered. And the eight-point fillip in our major purchase measure to the new level of -11 suggests this may well happen. It’s highly likely this upward trajectory on all measures will build over the next six months and beyond," he said.
"If this improved mood translates into spending, it might help reverse some of the economic damage the UK has suffered. And the eight-point fillip in our major purchase measure to the new level of -11 suggests this may well happen. It’s highly likely this upward trajectory on all measures will build over the next six months and beyond," he said.
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