Consumer confidence rises as Covid-19 vaccines roll out

Consumer Confidence Index GFK
News of Covid-19 vaccination helps improve consumer confidence
// UK consumer confidence rises in December thanks to news of Covid-19 vaccination
// The GfK Consumer Confidence Index said confidence increased 7 points to -26

Consumer confidence in the UK has risen this month following news of the Covid-19 vaccination programme across the country.

According to the GfK Consumer Confidence Index, confidence increased by seven points to -26.

The index measuring the forecast for people’s personal finances over the next 12 months rose by eight points to three, while the measure for expectations for the general economic situation over the same period climbed by 15 points to -35.

READ MORE: UK consumer confidence drops to six-month low for November

“Many might be surprised that we are ending 2020 on a much brighter note after a roller-coaster of a year,” GfK client strategy director Joe Staton said.

“It’s safe to say that consumers are looking for good news and they have found it in the form of the UK’s Covid-19 vaccination programme getting underway, which has lifted the mood pre-Christmas 2020.”

Meanwhile, GfK’s major purchase index rose by six points to -22 this month.

“The 15-point leap in consumer views on the future economy stands out and we have not registered a change of that magnitude for that measure since April/May 2011,” Staton added.

“The renewed expectations on personal finances looking ahead are also welcome, while the six-point uptick in the major purchase Index is good news for online and offline retailers.”

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