United Kingdom: Consumer sentiment remains depressed in November
November 29, 2019
The GfK consumer confidence indicator registered minus 14 in November, matching October’s figure. As a result, the index remained in negative territory, where it has been since April 2016, highlighting that consumers are broadly pessimistic.
Consumers grew more pessimistic about their personal financial situation and the general economic situation over the last year, and grew less willing to make major purchases. However, consumers became less gloomy about general economic conditions over the next year.
According to Joe Staton, client strategy director at GfK: "The general election is potentially an opportunity to move us out of the doldrums–but for this to happen there must be a clear result. A hung parliament could be very damaging for consumer confidence and would surely deepen the obvious malaise that we see month after month.”
Author: Oliver Reynolds, Economist