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Industry News

Published on November 23rd, 2020 | by The GC Team

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Consumer confidence at lowest ebb since May

Another month of uncertainty and a second national lockdown has brought about further deterioration in consumer confidence, in the midst of the peak shopping season with the nation in limbo regarding the “traditional” family Christmas.

According to researcher GfK, a two-point fall in consumer sentiment during November to -33 saw the UK near its lowest ebb of the year, which in April and May reached -34.

The greatest deterioration this month was in the area of personal finances over the last 12 months and the outlook for the coming twelve months, down seven points to -16 and five points -5 respectively.

“Although there is no movement in our views on the economy, people are clearly losing their nerve regarding their personal finances,” said Joe Staton, Client Strategy Director GfK.

“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.”

While the outlook for the general economic situation, although still in deep negative territory, remained unchanged, Staton remarked that the second lockdown couldn’t have come at a worse time for the UK’s high-street retailers.

The Major Purchase Index, which measures consumers’ intent to spend, fell one point to -28.

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