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Consumer confidence holds steady

Consumer confidence holds steady

Category: Economy

Updated: 29/05/2009
First Published: 29/05/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Stoicism appears to be alive and well in the UK despite the testing financial climate, according to latest consumer confidence figures.

GfK NOP's Consumer Confidence Index held steady at -27 after rising in recent months and, while the current level is still historically low, it is higher than it was last year.

Confidence in the personal finances over the next 12 months has also increased. Having risen by two points to -1, it is also higher than it was this time last year.

Expectations for the general economy are also far better now than in May 2008, although they actually dropped by a single point in the last month.

Rachel Joy, of the consumer confidence team at GfK NOP, said: "Worries about job losses and harder times are still very much alive – recent GfK NOP research shows that a quarter of the UK are concerned they may lose their job, and nearly half said they have concerns about maintaining their lifestyle – but the UK appears to be stoical about the continuing economic situation."

The climate for major purchases index remained steady and is ten points higher than a year ago, while the savings index, which measures consumer feeling on whether it is a good time to save, has risen one point to -16.

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