United Kingdom Consumer Confidence February 2017

United Kingdom

United Kingdom: Consumer confidence dips slightly in February

March 15, 2017

The GfK NOP consumer confidence indicator inched down from minus 5 points in January to minus 6 points in February. The index remains entrenched in negative territory, where it has been since April of last year, highlighting that consumers are still broadly pessimistic.

February’s fall reflects a deterioration in consumers’ personal financial situations over the last 12 months and for the coming year, as well as a reduced likelihood of making major purchases. In contrast, consumers’ perceptions of the general economic situation over the last 12 months and for the coming year improved. Consumers’ general pessimism comes amid a backdrop of rising inflation, mediocre wage growth and high levels of political uncertainty. According to Joe Staton, Head of Market Dynamics at GfK, “Any momentum behind the post-Brexit, debt-fueled, 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.”

FocusEconomics Consensus Forecast panelists expect private consumption to expand 1.5% in 2017, which is unchanged over last month’s estimate. For 2018, the panel sees private consumption expanding 0.9%.

Author:, Economist

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United Kingdom Consumer Confidence Chart

United Kingdom Consumer Confidence February 2017 1

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

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