United Kingdom Consumer Confidence January 2021

United Kingdom

United Kingdom: Consumer confidence declines in January

January 22, 2021

Consumer confidence fell to minus 28.0 in January from December's minus 26.0.

The fall came on the back of a deterioration in consumers’ views on the general economic situation over the next 12 months. Moreover, consumers’ willingness to make major purchases deteriorated.

On the reading, Joe Staton, GfK’s client strategy director, commented:

“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. However, the key is how we all 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. This is positive news 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 for the economic outlook.”

FocusEconomics Consensus Forecast panelists see private consumption expanding 5.6% in 2021, which is down 0.3 percentage points from last month’s forecast, before rising 5.9% in 2022.


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United Kingdom Consumer Confidence Chart

United Kingdom Consumer Confidence January 2021 0

Note: GfK Consumer Confidence Index.
Source: The GfK Group.

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