General election result calms consumer confidence ‘jitters’
UK consumer confidence jumped this month, signalling the end of a “jittery mood” as sentiment strengthens following the general election result.
Research published this morning showed that sentiment improved by two points to minus nine in January, driven by increased confidence in both individual finances and the general economic situation over the next year.
January marks the fourth year that the measure has failed to break into positive figures, however both measures of consumer confidence jumped three points compared to December’s index.
However, GfK’s Major Purchase Index dipped two points, reflecting the “seasonal post-Christmas empty-wallet feeling”.
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GfK client strategy director Joe Straton said: “The first month of 2020 has given us a mini Boris-bounce with a two point increase in our consumer confidence headline score.
“While January marks four years of the index failing to penetrate positive territory, we now have two consecutive months of improvement. This is good news.
“The latest measures concerning our personal financial situation for the last and next 12 months are encouragingly healthy and positive, as is the improvement in our view of the wider economic picture for the UK.”
He added: “However, if current trends continue, we’d expect a return to positive headline scores soon. Are we finally seeing an end to the UK’s jittery consumer mood?”