Despite the political turmoil in Westminster and concerns about the impact on the economy from a no-deal Brexit, consumer confidence actually increased this month.
GfK’s long-running Consumer Confidence Index edged up two points to –12 in September with all five measures used to calculate the figure increasing.
Joe Staton, Client Strategy Director at GfK, commented: “More mixed signals this month as consumers continue to feel less than positive about the state of their personal finances and the general economy. While all sub measures are higher, they are anaemic in the case of our purchase intentions and how we view our wallets – and the results on the wider economy are still depressed.
“Since the Brexit referendum we have witnessed a long succession of negative Overall Index scores with the overall trend downwards. This month, British consumers appear to be treading water during this wait-and-see run-up to October 31st.
“Confidence is an important indicator which typically increases as the economy expands and decreases when the economy contracts and so far, consumer confidence is holding up. We certainly have a long way to go to match the record low Index score of -39 witnessed during the early days of the last recession. But will it stay that way? You can almost sense people are keeping their fingers crossed.”
