United Kingdom: Consumer confidence records worst reading since May in November
Consumer confidence came in at minus 33.0 in November, down from October’s minus 31.0 and marking the worst reading since May, as lockdown restrictions were tightened around the UK.
The fall came on the back of a deterioration in consumers’ views on their financial situation over the next 12 months. In addition, consumers’ willingness to make major purchases deteriorated.
On the reading, Joe Staton, GfK’s client strategy director, comments:
“People are clearly losing their nerve regarding their personal finances. […] This will deal a blow to any future rebound because bullish consumer spending fuels the UK economy and low confidence is the enemy of recovery.”