"Room for optimism" on consumer confidence
December 13, 2024
The post-budget gains in consumer confidence have been locked in for December and analysts see some cause for hope that confidence is "creeping back into positive territory."
GfK has published it's all important Consumer Confidence Index which is up one point. The Major Purchase Index for big-ticket items such as flooring was unchanged, but this locks in a 5-point jump up in November,
“Consumer confidence is still far from strong but there is some room for optimism with views on personal finances over the next 12 months up two points versus November and creeping back into positive territory," says GfK Consumer Insights Director, Neil Bellamy.
But in a note of caution he also added: "However, with the major purchase measure unchanged at -16 in December, consumers are still thinking twice about big-ticket purchases and whether they will bring Christmas cheer."
“Of all the major events in 2024, the UK General Election was the most impactful, with initial post-election optimism giving way to a large seven-point fall in September as consumers were spooked by Government messages about the state of the economy and difficult choices to be made," he said. "“Overall, 2024 has been another year of ups and downs in consumer confidence but much less so compared with recent years. So volatility is down but will it stay that way?"
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