United Kingdom: Consumer confidence slips to lowest level since April
October 31, 2012
In October, the GfK NOP consumer confidence index dropped to minus 30 points, down from minus 28 points in September. The reading contrasted the increase seen in the previous month, which had marked the first improvement in four months, and brought the index down to its lowest level since April. The deterioration came in on the back of a more negative view of the consumers' own personal financial situation compared to the last 12 months as well as their expectations over the next 12 months. Moreover, respondents also had a more negative perception regarding the climate for making major purchases. In contrast, both past and forward looking components regarding the general economic situation improved over September. GfK NOP highlighted that the fact that people are more worried about their own financial situation over the next 12 months. This certainly doesn't suggest there will be a spending boom on the back of the official emergence from recession.