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GfK’s long-running Consumer Confidence Index decreased two points to -33 for November. Three measures of consumer confidence decreased compared to October’s figures, while two measures were unchanged.
Joe Staton, client strategy director GfK, said: “Although there is no movement in our views on the economy, people are clearly losing their nerve regarding their personal finances with scores for the last 12 months and the year to come sharply down by seven points and five points respectively. This will deal a blow to any future rebound because bullish consumer spending fuels the UK economy and low confidence is the enemy of recovery.
“The second lockdown couldn’t have come at a worse time for the UK’s high street retailers and it’s no surprise that our major purchase sub-measure is once again mired deep in negative territory. On all fronts, economic headwinds still outnumber tailwinds sadly and consumers can be excused for showing little in the way of Christmas cheer.”
The UK Consumer Confidence Barometer is conducted among a sample of 2,000 individuals aged 16 and over on behalf of the European Commission.
