United Kingdom: Consumer confidence drops in December to a near three-year low
December 21, 2011
In December, the seasonally adjusted consumer confidence index elaborated by GfK NOP fell 2 points over the previous month to settle at minus 33 points. At the current juncture, consumer sentiment remains near its three-year low, at levels last seen during the 2008-2009 recession. According to the survey, ?optimism has not been lifted by pre-Christmas spending and it is hard to see grounds for a recovery in confidence in the near future.? December's decrease in consumer morale mainly reflected a deterioration in people's view on the general economic situation over the next 12 months, with the corresponding index falling by 8 points. Furthermore, respondents to the survey reported less willingness to purchase major goods, with the climate for major purchases index sliding 4 points. Subdued consumer sentiment augurs ill for private consumption in the near-term.