Consumer confidence in September rises to highest level since November 2007
Consumer confidence in September rose to its highest level since November 2007 according to figures released by GfK in its latest Consumer Confidence Barometer.
The research firm’s headline index increased by three points in September to -10. This means that the index has gone up in each of the last five months and gained a total of 17 points, the biggest five-month gain since January 1993.
While the measure for consumers’ personal financial situation over the next 12 months rose by one point to 1 in September, the measure for the general economic situation of the country over the next 12 months increased by four points to 3.
In further good news, the climate for major purchase index rose two points this month to -14 which is 17 points higher than this time last year.
Never Miss a Retail Update!Nick Moon, managing director of Social Research at GfK, said: “The Consumer Confidence conundrum continues. In the same week that figures from ONS show that UK productivity is lower than every G7 country except Japan, the Consumer Confidence Barometer has taken another clear step upwards, gaining three points to -10. This is the highest the index has been since November 2007, when the catastrophic fall prompted by the credit crisis was developing momentum. Back then the index fell a massive 35 points in a year (starting at – 4 in August 2007 and dropping to – 39 in July 2008), but it has now reversed all but six points of that fall.
“Whether the current economic recovery is real or will prove to be a credit-fuelled bubble, this continuing steady growth in confidence looks like good news for the Government.”
