United Kingdom Consumer Confidence February 2021

United Kingdom

United Kingdom: Consumer confidence rises to 11-month high in February

February 18, 2021

Consumer confidence came in at minus 23.0 in February, up from January's minus 28.0. February's result marked the best performance since March 2020, and was likely driven by the swift domestic vaccine rollout. The rise in confidence bodes well for consumer spending once lockdown measures are eased.

The rise came on the back of an improvement in consumers’ views on their financial situation and the general economic situation over the next 12 months. Moreover, consumers’ willingness to make major purchases increased.

Despite February’s improved reading, Joe Staton, GfK’s client strategy director, stated:

“We need to be cautious because the positive tailwinds of the vaccination roll-out are being met by the very strong headwinds of unemployment, the threat of inflation and the difficulty that many face in affording day-to-day living costs.”

FocusEconomics Consensus Forecast panelists see private consumption expanding 4.3% in 2021, which is down 1.3 percentage points from last month’s forecast, before rising 6.6% in 2022.


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United Kingdom Consumer Confidence Chart

United Kingdom Consumer Confidence February 2021

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

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