Survey reveals concerns about the economy
GfK’s UK Consumer Confidence Index has decreased one point to +2 in October. Three of the five measures used to calculate the Index saw decreases this month, one went up, and the other one was unchanged.
Joe Staton, Head of Market Dynamics at GfK, says, “While belief in our personal financial situation for the next 12 months remains strong, growth in the top-line Index has again stalled this month. The good news on the domestic front – with households lifted by wage growth, low interest rates and near-zero inflation – is being tempered by concerns about our ability to shrug off the global downturn.
"Upwards momentum in the Index is also being dragged down by consumer worries about the past performance of the UK economy and expectations for the economy in the year to come. However, despite this month’s slip, the Overall Index Score has remained positive over 2015 in marked contrast to the lows reached between mid-2007 and early 2014 during the depths of the recent economic cycle.”
UK Consumer Confidence Measures – October 2015
The Overall Index Score has decreased one point this month to +2.
Personal Financial Situation
The index measuring changes in personal finances during the last 12 months has increased by three points this month to +4; this is 11 points higher than October 2014. The forecast for personal finances over the next 12 months has remained unchanged at +6 this month; this is two points higher than October 2014.
General Economic Situation
The measure for the General Economic Situation of the country during the last 12 months has decreased two points this month to -5; this is one point higher than October 2014. Expectations for the General Economic Situation over the next 12 months have decreased two points to -4; this is six points lower than this time last year.
Major Purchase Index
The Major Purchase Index has decreased seven points this month to +7; although this is 12 points higher than this time last year.
The Savings Index has decreased one point to +2; which is eight points higher than October 2014.
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