United Kingdom Consumer Confidence November 2020

United Kingdom

United Kingdom: Consumer confidence records worst reading since May in November

November 20, 2020

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.”

FocusEconomics Consensus Forecast panelists see private consumption expanding 7.3% in 2021, which is down 0.9 percentage points from last month’s forecast, before rising 4.0% in 2022.


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United Kingdom Consumer Confidence November 20 20

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


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