Despite growing concerns that the UK is heading for a no-deal Brexit, it appears that consumers were marginally more bullish this month.
GfK’s Consumer Confidence Index rose by two points on last month to -11, with increases recorded across all but one measure used to calculate the figure.
Commentating on the data, Joe Staton, Client Strategy Director at GfK, said: “Although it’s too soon to judge any impact of a post-Boris bounce, we can report a boost in attitudes to our personal financial situation in the face of low interest rates and day-to-day inflation, a buoyant labour market and growth in real wages. This confidence is further reflected in a six-point jump in the Major Purchase Index (“do you think now is the right time for people to make major purchases”).
“This mirrors the ongoing resilience in consumer spending, a key driver of economic growth and stable retail sales figures. Consumers have generally been less affected by Brexit uncertainties than business since the Referendum.
“However, the coming months to the October 31st departure date will test the strength of this confidence. Will consumers greet the Halloween Brexit deadline with hurrahs or howls?”
