Published on December 21st, 2019 | by The GC Team0
Consumer confidence shows renewed optimism for 2020
Consumer confidence in the UK received an encouraging boost in December as the outlook for the general economy welcomed a strong uplift.
GfK’s Consumer Confidence Index increased three points to -11, with four of the measures used to generate the score increasing and one measure decreasing.
Expectations for the general economic situation over the next 12 months jumped seven points to -27, eleven points higher than December 2018.
Joe Staton, Client Strategy Director at GfK, said: “We haven’t seen such a robust increase in confidence about our economic future since the summer of 2016.”
The picture for the year to come is much stronger, with a two-point improvement in how consumers view their personal financial prospects and, importantly for retailers, an upward revision of three points in the Major Purchase Index.
“Despite official warning signs about the flatlining of Britain’s economy, we know that record high employment and below-target levels of inflation are helping to boost consumers’ expectations for the year ahead,” said GfK’s Staton.
“A great many people will be gazing into their crystal balls right now – ours indicates a rebound in confidence in 2020 based on renewed optimism and energy for a post-Brexit Britain.”