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Brexit uncertainty continues to affect consumer confidence

by LLB Reporter
29th Nov 18 3:30 pm

According to the latest GfK Consumer Confidence Index, Brexit uncertainty has decreased by three points in November to -13. The Index takes into account five measures including changes in personal finances, the general economic situation of the country, the purchase and savings indices.

Joe Staton, Client Strategy Director at GfK, says:

“Against a backdrop of the Chancellor telling everyone that the Brexit deal on the table will make people worse off, this month we’re recording an across the board fall for all measures with concerns over household finances, the general economy and purchase intentions.

“The measure that fell the most is our Major Purchase Index, with a seven-point plunge that is unhappy news for retailers. The view on the general economy in the coming 12 months fell four points, as did the perception of the past year’s personal finances.

“Overall, we are now back at the -13 level we saw at the end of last year. The next few weeks are highly unlikely to inject any festive cheer, especially if Theresa May’s Brexit deal doesn’t win backing from MPs. The denouement to more than two years of bewildering Brexit wheeler-dealing looks like it will be enacted precisely when many consumers would prefer to be thinking of a well-earned Christmas break, filled with family get-togethers, warmth and festivity – possibly turning this year’s ‘season of goodwill’ into ‘the season of uncertainty’.”

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