Consumer confidence falls despite vaccine hope

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Consumer confidence has continued to fall in January, despite the ongoing roll-out of the covid-19 vaccine programme.

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GfK’s long-running Consumer Confidence Index shows confidence decreased two points to -28 in January. Four measures of consumer confidence decreased in comparison to figures released on 18 December, while one measure of confidence increased.

Joe Staton, GfK’s client strategy director, said: “Despite the widespread anticipation of a ‘return to normal’ with the ramp-up of the vaccination programme, it is too early to deliver a jolt in the arm to UK consumer confidence. Our view of the general economic situation still makes for grim reading, especially expectations for the coming year, which shows a nine-point drop. This continues to suppress the overall index, which is further dampened by a weak major purchase score, as reflected in retail sales figures across the country.

“The real key is how we view our personal financial situation for the next 12 months. Confidence in this figure reflects our financial hopes and fears, as well as those of our families and loved ones, and it seems to be holding up. That’s just as well because, amid widespread uncertainty over jobs and livelihoods, any decline in how we see our personal finances in the year to come would be a clear warning that the economic outlook will not improve any time soon.”

The UK Consumer Confidence Barometer is conducted among a sample of 2,000 individuals aged 16 and over on behalf of the European Commission.

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