MNI: UK Consumer Conf Index Falls To Post-Brexit Vote Level

-UK Nov GfK Consumer Conf Index -12 Vs -10 Oct; Joint Lowest Since Dec 2013

By David Robinson

     LONDON (MNI) - UK consumer confidence in November fell back to match the

level it hit in July 2016, following the vote to leave the European Union, a

survey by GfK found.

     The GfK Consumer Confidence Index (CCI) fell to -12 in November from -10 in

October, matching both its July 2017 outturn and its July 2016 level. The last

time the CCI was below -12 was December 2013, when it stood at -13. The CCI's 12

month average in November was -8.25, its lowest such reading since May 2014.

     Just before the June 2016 EU referendum the GfK index stood at -1 and after

plunging to -12 in July last year it spiked to -1 in September but has since

drifted down.

     "This is the second time this year that consumer confidence has matched the

worrying -12 score seen in July 2016 after the Brexit vote. This is also the

20th consecutive month where the Overall Index score has come in at a negative

value," Joe Staton, Head of Market Dynamics at GfK, said.

     Consumers were markedly more upbeat about their personal finances over the

next 12 months, with that measure at 2, down from 4 in October, than about the

economic outlook. The index for the general economic situation over the next 12

months dropped to -28 from -26.

     The Major Purchases Index, an indicator of consumers' propensity to buy big

ticket times in coming months, fell to -3 in November from 3 in October.

--MNI London Bureau; tel: +44 203-586-2223; email: david.robinson@marketnews.com

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