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United Kingdom Consumer Confidence January 2023

United Kingdom: Consumer confidence eases in January

Consumer confidence fell to minus 45.0 in January from December’s minus 42.0. As a result, the index remained below the 0-point threshold, pointing to worsening sentiment among consumers.

Consumers grew more downbeat about their personal financial situation over the last 12 months and the general economic situation over the last 12 months and for the year ahead. Consumers also became less willing to make major purchases.

On the outlook, Joe Staton, GfKs client strategy director, stated:

“This months six-point decline in the major purchase index does not augur well because consumer spending is a driving force of our economy and future growth. With inflation continuing to swallow up pay rises, and the prospect of some shocking energy bills landing soon, the forecast for consumer confidence this year is not looking good.”

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