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Economy

UK consumer confidence down five points year-on-year in January

GfK’s long-running Consumer Confidence Index decreased by five points year-on-year to -14 in January 2019.

The measure for the general economic situation of the country during the last 12 months has dropped four points to -35 in January, six points lower than January 2018, with expectations for the next 12 months also decreasing by one point to -39.

However, the major purchase index stayed at the same level during the month at +2, one point higher than January 2018.

Joe Staton, client strategy director at GfK, said: “Although we’re feeling slightly more confident about our personal finances – thanks to the effect of strong employment, low interest and inflation rates, and rising household incomes – concerns about the wider economic prospects for the country continue to weigh and depress the Overall Index Score.”

“We have a -39 for ‘General Economic Situation over the next 12 months’ – the lowest for more than seven years and getting close to the levels we saw at the end of 2008 and in early 2009.”

He added: “This is unsurprising given that consumers, companies and corporations thrive on certainty, which is in short supply just two months before the planned date for the UK’s EU-exit. The next few months promise to be turbulent for the consumer so will this measure for the economic outlook in the coming year drop even further?”

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