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Free AccessMNI: UK Consumer Confidence Hits Four Year Low In December
-UK Dec GfK Consumer Conf Index -13 Vs -12 Nov; Joint Lowest Since Dec 2013
By Jamie Satchithanantham
LONDON (MNI) - UK consumer confidence ended 2017 on a sour note, with
sentiment receding to a level last seen as low exactly four years ago, a survey
by GfK found.
The GfK Consumer Confidence Index (CCI) fell for the third consecutive
month to -13 in December from -12 in November, matching both its December 2013
and August 2013 levels. It last sat below this level in July 2013, when it stood
at -16.
The CCI's 12 month average in December was -8.75, its lowest such reading
since May 2014 (-9.83). December's outturn means the index has not been in
positive territory for one month shy of two years - January 2016 was the last
time that the Index came in above zero (+4).
Consumers were just as pessimistic about their personal finances and the
prospective health of the wider economy in December as in November. The Personal
Finances Situation over the next 12 months Index held firm at +2 while the
General Economic Situation over the next 12 months Index also remained unchanged
at -28.
Despite increased retail promotions, consumers' appetite for bigger
purchases decreased. The Major Purchases Index, an indicator of consumers'
propensity to buy big ticket times in coming months, fell to -4 in December from
-3 in November.
The Savings Index fell in December, dropping 4 points to +4, indicating
that consumers perhaps drew on savings to fund what spending they did make
during the month.
"We need to see several issues move on before the downward trend of the
consumer mood changes. We need to have a better sense of how Brexit will pan
out, and also of how quickly and how far interest rates will rise. But none of
this will be resolved quickly so there's every likelihood that 2018 will take us
lower," Joe Staton, Head of Market Dynamics at GfK, said.
--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@marketnews.com
--MNI London Bureau; tel: +44 203-586-2223; email: david.robinson@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.