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Consumer Confidence Riddle
UK consumers are happy enough with their personal financial situation and think it's a good time both to spend and to save, yet they evidently think someone's having a bad time because they continue to say the 'general economic situation' is poor, according to GfK NOP.
The headline figure of –7 in the monthly survey for the European Commission is one point up on last month and the same as in March this year. Four of the five measures that make up the overall score have seen improvements, and with the exception of views of the general economic situation, consumers seem quite optimistic.
Perceptions of personal financial situation have improved slightly in the last 12 months – currently indexed at +2, while the outlook for household finances is unchanged at +10. Views of the general economic situation are 4 points down on a year ago but three points up on the month, at –28. Expectations for the general economic situation over the next twelve months have improved 2 points to –21 since August, but are still 5 points down on a year ago.
The climate for major purchases remains reasonable, with this month's score of +8 within a point of both last month's and last September's rating. Britons also think that 'now is a good time to save' – the index is up 4 points to +34, eight points above the September 2005 figure.
Carol Bernasconi, Divisional Director at GfK NOP says that perennial British favourite, the weather, has helped: 'After a gloomy August, September's sunshine combined with the start of the new school year has helped to cheer consumers and leave them feeling more optimistic. Four of the five measures saw small increases with people feeling more positive in general about their personal and the general economic financial situation'.
The UK Consumer Confidence Survey was conducted between 1st and 17th September amongst a sample of 2000 individuals aged 16+. Quotas are imposed on age, sex, region and social class to ensure the final sample is representative of the UK population.
GfK NOP is online at www.gfknop.co.uk .
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