"Sigh of relief" boosts confidence
November 18, 2022
Consumer confidence data is bad, but not quite as bad for November as last month's historic low.
GfK’s long-running major purchase index has risen by three points to minus 38. This index tracks consumer appetite for "big ticket" items like furniture, flooring and appliances. This time last year, the figure was minus 3.
"This month’s fillip is likely to reflect nothing more than a collective sigh of relief as a new prime minister takes charge following the alarming fiscal antics we saw in September,” says GfK director Joe Staton.
" External factors have changed little and, with UK inflation recently hitting a new high, more bad news is inevitable," he said. "Household budgets remain shrouded in massive uncertainty with fresh jumps in food prices, energy still uncomfortably expensive, the prospect of new interest rate rises pressurising mortgage and rent payments, potential future hikes in council tax and squeezed real pay."
GfK's overall Consumer Confidence Index also rose three points to minus 44 while its forecast for confidence in personal finances over the next 12 months has increased by five points to minus 29 this month – this time last year it was plus 2.
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