UK consumer confidence rallies in November
While all five components of the index rose throughout November, they all remain in negative territory, and have not recovered from the surge in inflation over the past two years.
The survey of 2,000 consumers between 1 November and 14 November mostly reversed the sharp drop witnessed in October, which saw the heaviest fall since the coronavirus pandemic began.
While all five components of the index rose throughout November, they all remain in negative territory, and have not recovered from the surge in inflation over the past two years.
The major purchase index saw the largest jump throughout the month, rising ten points to -24, its largest jump since June 2020, while the view of the general economic situation over the next 12 months rose by six points.
UK retail sales slump 0.3% in October
However, there remained a strong mismatch between consumer views of their personal finance situation and the general economic situation over the next year, rating them -3 and -26, respectively.
The «dramatic» recovery «will be good news for retailers looking to benefit from Black Friday and Christmas,» said Joe Staton, client strategy director at GfK.
«Despite the acute cost-of-living pressures, many would still like to loosen their purse strings just a little so they can enjoy that feel-good factor we all associate with the festive season,» he added.
Stories of the Week: LTAFs in regime overhaul; Hipgnosis takes SONG to Court; Boost for manufacturing
Read more on investmentweek.co.uk
