GfK’s Consumer Confidence Index increased two points to –7 for February. Three measures increased, including the Major Purchase Index, which increased five points to +6 (up one point YoY). Overall, February saw the third consecutive monthly increase in consumer sentiment.
Joe Staton, client strategy director at GfK, says: “Against a February backdrop of rising wages and house prices, low unemployment and stable inflation, we report another healthy uptick in consumer confidence this month – the third monthly increase in a row. The rise in the Overall Index Score is driven by our increasingly positive view on the state of the UK’s general economy for both the past and the next 12 months. And, despite the fact that consumers have shown some concern about their day-to-day personal finances this month, a big five-point jump in the Major Purchase Index reflects the recent rebound in retail sales, as widely reported.
"Although the index remains south of positive, the trajectory remains upwards. The only ‘known unknown’ is the potential impact of coronavirus on behaviour, confidence and spending patterns. This is a developing story, watch this space.”