Saturday, 27 November 2021

UK consumer confidence rises in January 2017

Shopping

LONDON: Consumer confidence in the UK saw a slight uptick in this month, according to an index compiled on behalf of the European Commission. The Consumer Confidence Barometer, conducted by market research company GfK, showed that confidence rose 2 points in January to reach a score of -5. But the levels are still significantly below those seen this time last year, when the UK was scoring a mark of 4 overall. The survey is carried out through interviews with over 2,000 respondents selected to be representative of the population as a whole, and has been running since 1974. anuary’s results show that while most people are feeling hopeful about their personal financial situations over the next 12 months, their confidence in Britain’s general economic outlook remains bleak. The overall score for economic optimism in the UK has dropped 18 points since January 2016 and sits at -23 – unchanged from last month. Respondents were also less happy to make large purchases than they were over the Christmas period. Joe Staton, Head of Market Dynamics at GfK, suggested that Brexit jitters and the wobbly pound were responsible for the population’s lack of faith in the financial system. He said: “Although consumers report that they are feeling upbeat about their personal financial situation for the coming year, stubborn concerns about the wider economy looking back 12 months and ahead 12 months are ensuring the Overall Index Score remains stuck in gloomy territory. “Rising inflation and weak income growth is forecast to squeeze households’ disposable income, and these two factors could conspire to depress confidence for the year ahead. “It’s certainly difficult to see where the oomph will come from over the short term.”

Check Also

Cryptocurrencies tumble amid China crackdown

REUTERS/Dado Ruvic/Illustration/File Photo TOKYO – Cryptocurrencies tumbled on Monday as China’s crackdown on bitcoin mining ...