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GfK’s long-running Consumer Confidence Index has decreased one point this month to -6. Three of the five measures saw decreases in February, and two measures saw increases.
Joe Staton, Head of Market Dynamics at GfK, says:
“Against a backdrop of rising food and fuel prices, sterling depreciation, nominal earnings growth and a burgeoning fear of rapid inflation, concern about our personal financial situation for 2017 has contributed to a drop in UK consumer confidence this month (to -6). Any momentum behind the post-Brexit, debt-fuelled, consumer-spending boom now appears to be softening. Mounting pressures on disposable income are starting to bite as witnessed by two months of falling retail sales (ONS) and a further drop in the Major Purchase Index (this month down by five points). Consumer spending continues to drive economic growth in the UK so any further fall in confidence could support forecasts for a slowdown of the overall economy this year.”
UK Consumer Confidence Measures – February 2017
The Overall Index Score has dropped one point this month to -6. Three of the five measures saw decreases in February, and the remaining two measures increased.
Personal Financial Situation
The index measuring changes in personal finances during the last 12 months has decreased by two points this month to +1; this is four points lower than this time last year.
The forecast for personal finances over the next 12 months has decreased by four points this month to +3; this is five points lower than February 2016.
General Economic Situation
The measure for the General Economic Situation of the country during the last 12 months has increased three points this month to -21; this is 11 points lower than February 2016.
Expectations for the General Economic Situation over the next 12 months have increased three points this month to -20; this is eight points lower than February 2016.
Major Purchase Index
The Major Purchase Index has decreased five points this month to +5; this is seven points lower than this time last year.
The Savings Index has decreased two points to -4; this is two points lower than February 2016.
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