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☆ UK consumer confidence jumps despite lingering inflation pain
▼ + stars: | 2023-11-24 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

Despite lingering cost-of-living pressures, GfK's headline consumer confidence index was stronger than anticipated in November, increasing to -24 from October's three-month low of -30. November's reading was above the -28 forecast in a Reuters poll of economists, and follows a sharp fall the month before. While British consumer price inflation fell significantly from a 41-year high of 11.1% just over a year ago to 4.6% in October, households are still grappling with the highest inflation rate among major rich economies. Official data published last week showed shoppers spent less in October as finances remain stretched. GfK conducted its poll of 2,000 people from Nov. 1 to Nov. 14.

Persons: GfK, Joe Staton, Andrew Bailey, Jeremy Hunt's, Staton, Suban Abdulla, David Milliken Organizations: Bank of England, Thomson

☆ Israel-Hamas War Unsettles British Consumers
▼ + stars: | 2023-10-19 | by ( ) www.wsj.com time to read: 1 min

An early-October survey of consumer confidence in the U.K. published Thursday recorded the sharpest decline in a single month since April 2020, when the country was locked down to limit the spread of Covid-19. While Britons have paid more for their housing, car and other loans in recent months, Joe Staton at polling firm GfK said the slump was also due to “the uncertainties posed by conflict in the Middle East.” GfK questioned 2,000 Britons between Oct. 2 and Oct. 13.

Persons: Joe Staton, GfK, ” GfK Locations: Covid

☆ UK consumer confidence tumbles in October as inflation still weighs: GfK
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

The GfK consumer confidence index, Britain's longest-running survey of its type, dropped to a three-month low of -30 in October from September's reading of -21. Economists polled by Reuters had forecast a modest improvement to -20, and the nine-point drop was the largest since a one-off survey GfK did at the start of the COVID-19 pandemic in 2020. "This sharp fall underlines that the cost-of-living crisis, and simply not having enough money to make-ends-meet, are still exerting acute pressure for many consumers," Joe Staton, client strategy director at GfK, said. Households' willingness to make major purchases recorded an especially sharp monthly fall, which GfK said would worry retailers in the run-up to Christmas, although the level of the index remained above where it was in October 2022. The poll of 2,000 individuals aged 16 and over took place from Oct. 2 and Oct. 13.

Persons: Joe Staton, Staton, GfK, David Milliken Organizations: Reuters, Thomson Locations: British

☆ Lower inflation boosts UK consumer mood: GfK
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO-Shoppers walk past sale signs on Oxford Street, as Britain struggles with the highest inflation rate among the world's big rich economies, London, Britain, 17 July 2023. The GfK consumer sentiment indicator rose to -25 in August from a three-month low of -30 in July, its biggest rise since April although still below the average of -10 for the survey, which has been running since 1974. Consumer price inflation dropped to 6.8% in July, down from a 41-year high of 11.1% reached in October 2022, although still higher than in all other major economies. The improvement in the GfK survey contrasts with other recent downbeat data on consumer spending. The GfK data was based on a survey of 2,001 people conducted between Aug. 1 and Aug. 10.

Persons: Rachel Adams, Joe Staton, David Milliken, Andy Bruce Organizations: Oxford, REUTERS, Reuters, of England, NIQ, Office, National Statistics, Thomson Locations: Britain, London

☆ 'Reality bites': High inflation and rates hit UK consumer confidence
▼ + stars: | 2023-07-20 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

Market research firm GfK's headline gauge of consumer confidence fell to -30 this month from -24 in June, the first decline since January, and below the -26 forecast in a Reuters poll of economists. The fall was the biggest month-on-month drop in GfK's confidence measure since March to April 2022 when inflation accelerated after Russia's invasion of Ukraine. Staton said the recent slowdown in inflation will do little to improve consumer confidence. The Bank of England has increased interest rates at 13 meetings in a row since the end of 2021, raising its Bank Rate to 5% in June. The resilience of consumer confidence in the first half of this year was helped by low levels of unemployment and separate data published on Friday showed employers still seeking to hire.

Persons: Joe Staton, Staton, " Staton, Neil Carberry, Suban Abdulla, William Schomberg Organizations: Bank of, Confederation, Thomson Locations: Ukraine, Bank of England

☆ UK consumer morale touches 17-month high despite inflation pain - GfK
▼ + stars: | 2023-06-22 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

LONDON, June 23 (Reuters) - British consumer sentiment hit its highest level since January 2022 as households turn more optimistic about their finance and economy, despite stubborn inflation and rising interest rates, market research firm GfK said on Friday. While British consumer price inflation has eased from the 41-year high of 11.1%, households are still grappling with the highest inflation rate among major rich economies, running at 8.7% in May, unchanged from April. "If consumers continue to weather the current economic storm, then this will provide a firm foundation for getting back to growth," Staton said. GfK said three measures of consumer sentiment edged up in June compared to the previous month when all five indicators pushed up. Reporting by Suban Abdulla; editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

Persons: GfK, Liz Truss's, Joe Staton, Staton, BoE, Andrew Bailey, Suban Abdulla, David Milliken Organizations: Bank of England, Thomson

☆ UK consumer confidence highest since Feb 2022 as 'green shoots' emerge: GfK
▼ + stars: | 2023-04-21 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

April's reading was also above the -35 reading forecast in a Reuters poll of economists. While the country's economy is expected to avoid a recession this year, the broader picture remains weak with double-digit inflation proving harder to tame. However, Joe Staton, GfK's client strategy director, said there had been a "sudden flowering of optimism" among households. "The brighter views on what the general economy has in store for us ... could even be seen as the proverbial 'green shoots of recovery'," Staton said. GfK's gauge of savings intentions fell marginally but was still positive and nine points higher than the same month last year.

The PMI was driven by the services sector as consumer spending on travel, leisure and entertainment showed strength while manufacturing remained weak. S&P Global's input price index - a good guide to future inflation pressures - showed the slowest growth in costs for firms since March 2021, although overall cost pressures remained high by historical standards. There were also signs of recovery in Friday's consumer confidence survey by polling firm GfK which rose to its highest since February last year, albeit to weak levels. There was a reminder of the problems facing many consumers in official retail sales data also published on Friday. "A strong performance from retailers in January and February means the three-month picture shows positive growth for the first time since August 2021," he said.

☆ UK consumer mood hits one-year high, but financial gloom persists
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

March 24 (Reuters) - British consumer confidence rose this month to its highest level in a year, helped by improving sentiment around the economy and despite persistent gloom over personal finances, a survey showed on Friday. Market research firm GfK's consumer confidence index rose to -36 in March, in line with the consensus in a Reuters poll of economists and up from -38 in February and its highest since March 2022. Still, the GfK survey showed no improvement in its gauges of personal finances, which are linked most strongly to household expenditure. "Wages are not keeping up with rising prices and the cost-of-living crisis remains a stark reality for most," he added. "Just having enough money to live right and pay the bills remains the number one concern for consumers across the UK," Staton said.

☆ UK consumers turn more confident but inflation challenges remain - GfK
▼ + stars: | 2023-02-24 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

After some other recent signs of improvement in the economy, GfK's headline consumer confidence index rose by more than expected in February, increasing by seven points to -38, climbing further away from September's -49 record low. Joe Staton, GfK's client strategy director, said consumers were suddenly more optimistic about their personal finances and the general economic situation, especially for the coming year, despite the continued hit to their incomes from high inflation. The GfK survey's measure of how consumers view the economy over the next 12 months jumped to -43 from -54 in January, while households' feelings about their personal finances increased by nine points, GfK said. Linda Ellett, UK head of consumer markets at KPMG, said consumers were turning to savings and debt as higher prices squeezed household budgets. The survey of 2,000 people was conducted between Feb. 1 and Feb. 13.

☆ UK consumer mood slides back to near 50-year low - GfK
▼ + stars: | 2023-01-20 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

Market research firm GfK said its measure of confidence declined 3 points to -45, the third lowest reading since records started in 1974. Energy bills and food prices in have escalated rapidly in recent months, eating away at households' disposable incomes. Food prices jumped 16.8% year-on-year in December - the sharpest increase since September 1977, according to the Office for National Statistics. The cost of an average household energy bill in Britain is set to rise to 3,000 pounds ($3,697.50) a year from April. The survey of 2,000 people was conducted between Jan. 3 and Jan. 12.

☆ UK consumer confidence edges up but still close to record low
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 16 (Reuters) - British consumer confidence crept up this month but is still close to all-time low levels as households see their incomes eroded by high inflation, market research firm GfK said on Friday. GfK's monthly consumer confidence index, which dates back to 1974, rose in December to -42 from November's -44. It touched a record low -49 in September. December's reading was the highest since July and the third consecutive monthly improvement in the index. Reporting by William Schomberg; editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

☆ UK consumer morale edges higher, but still very low: GfK
▼ + stars: | 2022-11-18 | by ( Andy Bruce | ) www.reuters.com time to read: +1 min

[1/3] A person browses items for sale at the Petticoat Lane Market, with the City of London financial district seen in the distance, in London, Britain, October 3, 2022. REUTERS/Henry NichollsLONDON, Nov 18 (Reuters) - British consumer confidence ticked higher this month but remained close to record-low levels, with soaring inflation and the spectre of recession making a sustained improvement unlikely, market research firm GfK said on Friday. All five of GfK's gauges of household economic and financial confidence improved in November, but it said the big picture of a cost-of-living crisis and weak economy was unchanged. British inflation was 11.1% in October, a 41-year high. GfK conducted its poll of 2,000 people from Nov. 1 to Nov. 11.

☆ UK consumers remain close to gloomiest on record - GfK
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 21 (Reuters) - Confidence among British consumers remained close to the lowest level on record this month with households facing double-digit inflation, rising interest rates and political chaos, survey showed on Friday. Market research firm GfK's consumer confidence index rose to -47 from -49 in September which was its weakest level since the survey was launched in 1974. They are now facing the likelihood of tax rises and even austerity measures," Joe Staton, client strategy director at GfK, said. "Consumers, like governments, are just as capable of U-turns, and today's economic headwinds indicate a long hard winter," Staton said. Register now for FREE unlimited access to Reuters.com RegisterWriting by William Schomberg, editing by Andy BruceOur Standards: The Thomson Reuters Trust Principles.

☆ UK consumer mood sinks to new depths despite energy bills help
▼ + stars: | 2022-09-22 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA woman wearing a face mask shops in Cambridge Market Square, amid the coronavirus disease (COVID-19) outbreak, in Cambridge, Britain, January 14, 2022. The consumer confidence index from market research firm GfK fell to -49 in September from -44 in August, worse than all forecasts in a Reuters poll that pointed to an improved reading of -42. Readings of -30 and below have presaged recession on four out of five occasions since the survey started in 1974. Truss announced on Sept. 8 that Britain will cap consumer energy bills for two years and funnel billions to prop up power companies. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Andy Bruce, editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

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