Consumer confidence increases ahead of Brexit deadline
Consumer confidence increased in September in the “wait and see run-up” to the October 31 Brexit deadline, according to a survey.
The long-running GfK Consumer Confidence Index increased by two points to minus 12, with all five of the survey’s measures including personal finances and the general economy showing an uptick in positivity.
Expectations for the general economic situation over the next 12 months increased three points to minus 35, eight points lower than September last year.
The forecast for personal finances over the coming year also increased, by two points to positive four – one point lower than this time last year.
The major purchase index, an indication of confidence in buying big ticket items, increased two points to positive three.
Joe Staton, client strategy director at GfK, said: “This month, British consumers appear to be treading water during this wait and see run-up to October 31.
“Confidence is an important indicator which typically increases as the economy expands and decreases when the economy contracts and so far, consumer confidence is holding up.
“We certainly have a long way to go to match the record low headline score of minus 39 witnessed during the early days of the last recession. But will it stay that way? You can almost sense people are keeping their fingers crossed.”