UK DIY News
Consumer Confidence Drops to -10 in October
GfK's monthly Consumer Confidence Index has dropped to -10, down from -9 in September, as Brexit worries begin to take their toll.
A two-point drop to +4 in the major purchases index will also be of concern to retailers ahead of the Black Friday, Cyber Monday and Christmas trading period.
Joe Staton, client strategy director at GfK said: “The prospect of a no-deal/hard-deal Brexit must surely be weighing heavily on people’s minds, injecting a mood of despondency as to how people view their future personal finances and the longer-term economic outlook for the UK.“
“Consumers behave like financial markets – when confidence is lacking, markets stutter and tumble. When confidence comes back, we are more than willing to spend, borrow or save.
“However, with no immediate prospect of any feelgood news impacting our hearts, minds and wallets, the Index is set for further declines. It looks like the UK Government will need to administer an exceptionally strong tonic to the nation to settle the obvious Brexit anxieties.”
Source : Insight DIY Team and GfK
Insight provides a host of information I need on many of our company’s largest customers. I use this information regularly with my team, both at a local level as well as with our other international operations. It’s extremely useful when sharing market intelligence information with our corporate office.
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