UK consumer confidence drops to six-month low for November

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UK consumer confidence drops to six-month low for November
GfK: “People are clearly losing their nerve with regards to their personal finances.”
// Consumer confidence down two points to -33 for November
// Respondents said confidence in personal finances fell five points from October
// GfK: “The second lockdown couldn’t have come at a worse time for the UK’s high-street retailers”

Consumer confidence has fallen to its lowest point since May, according to the latest report from GfK.

The market research firm’s consumer confidence index fell two points to -33 in November, down to its lowest levels since May.

When asked about their confidence in personal finances in the next 12 months, respondents said their confidence deteriorated five points to a score of minus five, from zero in October.


READ MORE: Fears of a double-dip recession grow as consumer confidence drops


Gfk’s major purchase indicator slipped a further one percentage point to -28 while the savings index fell a further three points to 11.

The UK’s consumer confidence in the economy over the last 12 months remained steady at -67, and -50 for the next 12 months.


“People are clearly losing their nerve with regards to their personal finances,” GfK client strategy director Joe Stanton said.

“This will deal a blow to any future rebound because bullish consumer spending fuels the UK economy and low confidence is the enemy of recovery.”

“The second lockdown couldn’t have come at a worse time for the UK’s high-street retailers and it’s no surprise that our major purchase sub-measure is once again mired deep in negative territory.

“On all fronts, economic headwinds still outnumber tailwinds sadly and consumers can be excused for showing little in the way of Christmas cheer.”

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