United Kingdom: Consumer confidence unchanged again in March
March 28, 2013
In March, the GfK NOP consumer confidence index was unchanged at minus 26 points for a second month in a row. As in the previous month, the figure surprised the market on the upside, as analysts expected the index inching down to minus 27 points.
The stable reading was the result of an improvement in the assessment of the climate for making major purchases, which offset declines in other three of the five categories that compose the index. GfK noted that, while a stable reading is normally not a very positive sign, the current reading suggests "that the British public's mood has climbed slightly out of the very deep trough it was in for almost all of 2012, and what we are seeing now looks more like the new normal than a temporary boost".
FocusEconomics Consensus Forecast panellists expect private consumption to expand 0.9% in 2013, which is unchanged over last month's estimate. For 2014, the panel sees private consumption expanding 1.5%.