UK consumer confidence falters in January
By Abigail Townsend
Date: Friday 20 Jan 2023
(Sharecast News) - Consumer confidence faltered in January, a well-regarded survey showed on Friday, as concerns about the strength of the economy weighed heavily.
The January GfK Consumer Confidence Index fell three points to -45, ending December's weak rally, when the index nudged up two points to -42.
Within that, expectations for the general economic situation over the next 12 months dipped one point to -54, although the outlook for the personal financial situation moved up two points to -27.
Both the major purchase and savings indices fell six points, however, to -40 and 14 respectively.
Joe Staton, client strategy director at GfK, said: "Consumers have a New Year hangover of the economic kind, with high levels of pessimism over the state of the wider economy. And unlike a conventional hangover, this one won't vanish quickly.
"The only glimmer of hope is the slight uptick in the outlook for [the] personal financial situation, but this is of little comfort as it is still 25 points lower than this time last year."
He concluded: "With inflation continuing to swallow up pay rises and the prospect of some shocking energy bills landing soon, the forecast for consumer confidence this year is not looking good."
GfK surveyed a sample of 2,000 people at 16 and over between 2 and 12 January 2023.
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