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Consumers’ fears over the UK economy

Consumers’ fears over the UK economy

GfK NOP’s Consumer Confidence headline index  for November has dropped two points from –5 to -7: but is still one point higher than this time last year.
 
Divisional Director at GfK NOP, Carol Bernasconi, said, “Consumers who have previously sat on the fence regarding the economy have jumped off and are standing on the side of pessimism.
 
“Undoubtedly influenced by the latest interest hike to five per cent, these people, formerly unsure about the future economy, now believe worse times lie ahead.”
 
She added, “And it’s not just the UK economy that people are less confident about. The personal finance and major purchase measures also reflect a less optimistic attitude and November’s barometer has definitely taken on a more wintry feel”
 
Personal Financial Situation
The index measuring changes in personal household finances over the last twelve months is the only barometer measure that has seen an increase   this month.  Rising by 2 points, it now stands at +2, which is six points higher than the level recorded in November ’05.
 
There has been a small change of opinion regarding the outlook for household finances over the next year. This index has dropped by one point from +12 to +11 this month; 3 points higher than in November 2005.
 
General Economic Situation 
Views on the general economic situation of the country over the last twelve months have seen a drop of two points this month, down to –29.  In November 2005 the index was at the same level.
 
There has been a substantial drop in expectations for the general economic situation over the next twelve months with the index decreasing by five points to –20, reversing the increase seen last month.   In November ’05, the index stood at a very similar level at –19.
 
Climate for Major Purchases
The measure on whether now is the right time to make major purchases has also seen a decrease of five points this month and now stands at +1, 4 points lower than in November 2005. This is the lowest level this year.
 
Future Saving
The ‘now is a good time to save’ index has remained the same as last month at +31.  There has been little movement in this measure this year although the current index figure is eight points higher than in November 2005.
 
Links: http://www.gfknop.co.uk

AJR
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