GfK NOP Consumer Confidence Index has dropped four points to -37.
Confidence in the “general economic situation over the next 12 months” measure has dropped seven points.
Confidence in the “now being a good time to save” measure dropped ten points to -18.
Rachael Joy in the Consumer Confidence team at GfK NOP commented:
“One of the most noticeable changes in overall confidence was apparent when we looked at the 16-29 year olds; taking this segment on their own, they showed a large confidence drop of ten points over the last month. This perhaps is a reaction to the recent spate of reported job losses, with fears that those wanting to enter the job market will be unable to do so. The Saving measure also took a significant hit this month, a clear reaction to the interest rate drops, which are aimed at rejuvenating the economy. While there was a small improvement in the Major Purchase measure, we are still nowhere near the levels seen in 2007.”
UK Consumer Confidence Measures – January 2009
The overall index score this month has dropped four points to -37, twenty-four points lower than this time last year. Four out of the five measures, which make up the Index, recorded a drop this month. The annual moving average has dropped three points to -30.
Personal Financial Situation
The index measuring changes in personal finances during the last year dropped by three points to a score of -18; this is twenty points lower than this time last year.
The forecast for personal finances over the next year has dropped four points to a score of -14. This is twenty-one points lower than January ’08.
General Economic Situation
The measure for the general economic situation of the country during the last twelve months has dropped by eight points to a score of –80; this is forty-four points lower than this time last year.
Expectations for the general economic situation over the next twelve months have dropped by seven points to -48; twenty-two points lower than January ’08.
Climate for Major Purchases
The major purchases measure has risen by two points, from -29 to -27; but this is still fourteen points lower than this time last year.
The ‘now is a good time to save’ Index, has dropped by ten points to -18, this is a massive forty-eight points lower than January ’08.
UK consumer confidence research was conducted between 9-18 January 2009.
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