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Free AccessMNI DATA: UK Consumer Confidence Slumps in November: GfK
--UK November GfK Consumer Confidence Index -13 Vs -10 October
By Jamie Satchi
LONDON (MNI) - UK consumer confidence deteriorated for a third straight
month in November, with GfK's long-running Consumer Confidence Index down three
points to -13, data published Thursday showed.
The slide in November's GfK Consumer Confidence Index was driven by
deteriorations across all of the five sub-components, including a marked
seven-point decline in the Major Purchases Index -- alarming for retailers in
the run up to the festive season.
November's result left the headline index at its lowest level since
December last year, and, more alarmingly, it was last lower five-and-half years
ago.
"The view on the general economy in the coming 12 months fell four points,
as did the perception of the past year's personal finances. Overall, we are now
back at the -13 level we saw at the end of last year," said Joe Staton, Client
Strategy Director at GfK.
--CONSUMPTION APPETITES PLUMMET
The Major Purchase Index, which asks households how willing they are to
spend on big ticket items, followed up October's two-point loss with a further
seven-point deterioration in November, something Staton described as "unhappy
news" for retailers.
Media reports over the weekend had reported more lacklustre Black Friday
shopping activity with softer high-street footfall, albeit offset to a degree by
higher online sales.
--BREXIT CONCERNS INTENSIFY?
The headline index now sits below its 12-month average of -9.0, and the
post-Brexit average of -8.0. In contrast, in the year running up to the Brexit
vote, the index averaged +2.
Thus households have remained pessimistic throughout the entirety of the
Brexit negotiation period and, as we enter the final phase of negotiations, it
appears confidence is not only deteriorating further but at a faster pace.
The three-point monthly drop was the largest decline since June 2017 and
follows falls of 1 and 2 points respectively in the previous two months.
The Personal Financial Situation Over Next 12 Months index fell by a point
to +3 this month, while households' assessment of the general economic
situation, also over the next 12 months, declined an additional four-points to
-32.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.