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United Kingdom Consumer Confidence January 2022

United Kingdom: Consumer confidence deteriorates in January

Consumer confidence came in at minus 19.0 in January, down from December’s minus 15.0. January’s result marked the worst reading since February. As a result, the index remained entrenched below the 0-point threshold, and indicated pessimism among consumers. The decline came amid surging Covid-19 cases due to Omicron, and high inflation.

The fall was due to a deterioration in consumers’ views of their financial situation and the general economic situation over the next 12 months. In addition, consumers’ willingness to make major purchases weakened.

Regarding the reading, Joe Staton, GfK’s client strategy director, stated:

“The four-point fall in the major purchase index certainly suggests people are ready to tighten their belts. Will the mood brighten when the latest wave of the pandemic subsides and Covid numbers improve? It seems unlikely because it’s the cost-of-living squeeze that’s worrying us now and this will affect us for months to come.”

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