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Industry News

Published on February 28th, 2019 | by The GC Team

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Consumer confidence “frankly amazing” despite fear of the unknown

Consumer confidence in the UK increased one point in February, despite the uncertainty around Brexit, and, according to researcher GfK, it is not showing any sign of making the dramatic drop seen after the June 2016 Brexit Referendum or in the early days of the last financial downturn.

Whilst still in negative territory, the overall score of -13 reflects an increase in sentiment for the general economic situation and consumers’ personal finances over the next 12 months, and an upsurge in both the Savings and Major Purchase indices.  

Joe Staton, Client Strategy Director at GfK, said “it is frankly amazing that confidence is so stoic and stable in a world of sharp political instability and fear of the unknown.”

Andy Soloman, CEO of customer experience-enhancing service provider Yomdel, said the result “pretty much sums up Brexit on a basic level whereby nothing makes any rational sense.”

Fear of the unknown, he said, continues to cause strong market turbulence. “Right now, we’re not sure whether we should carry on as normal or run for the hills and stockpile goods in anticipation of a no-deal Brexit and an economic collapse.”

Soloman added that indecision has been particularly detrimental to the UK retail sector as bricks & mortar outlets continue to struggle with high business rates and rents and competition from the online sector.

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