UK GfK Consumer Confidence rises to levels seen in June:

UK GfK Consumer Confidence rebounded +6 points to -24 in November, exceeding expectations (-27 forecast, -30 prior). Although remains in deep negative territory highlighting continued cost-of-living concerns.

• All five sub-components were up in comparison to October.
• In particular, the ‘Major Purchase’ sub-component rose +10 points to -24, reversing some of the worry for retailers from the -14 points fall in October. Also, expectations for the future improved as the sub-component ‘General Economic Situation over next 12 months’ rose +6 points to -26.
• The Client Strategy Director says “Recent ups and downs in confidence have underlined the nation’s economic mood as encouraging news about falling inflation and wage growth is offset by high personal taxation, alongside costly fuel and energy bills.”
• The index continues to remain above levels seen in the majority of 2022 and year-to-date average of -30, however, there will be little immediate implications for monetary policy from the data, given there has been no clear trend over the last 6 months.
• November’s survey was conducted among a sample of 2000 individuals from the 1^st to the 14^th November 2023.