–GfK/NOP: UK Oct Consumer Confidence -30 vs -28 in Sep

LONDON (MNI) – Consumer confidence dipped in October, with the GfK
index still stuck in the same tight range it has occupied since July
last year.

The headline October GfK Consumer Confidence Index fell to -30 from
-28 in September. The index fell to -30 in July 2011 from -25 in June
that year and since then has remained in a -28 to -33 range, the most
prolonged run of such low readings in the survey’s history.

This GfK survey was carried out between Oct 5 and 14, before the
release of the Q3 GDP data which showed the economy rebounded strongly,
rising 1% on the quarter.

The long run average in the GfK series is -9, with the low of -39
hit back in July 2008 during the credit crunch. The data show that after
rallying in 2010 confidence has slumped with consumers unable to shake
off the gloom.

The October survey showed consumers have become more downbeat about
their financial prospects. The personal financial situation measure for
the next 12 months fell to -13 from -8 in September.

The reading for personal finances over the past 12 months dipped to
-24 from -21.

There was little change in perceptions of the general economic
situation. This economy measure for the past 12 months stood at -53 in
October compared to -54 in September and fell to -29 from -27 for the
next 12 months.

The climate for major purchases reading fell to -33 from -31.

“The fragility of the recovery is underlined by the fact that
people are more worried about their own financial situation over the
next 12 months. This certainly doesn’t suggest there will be a spending
boom on the back of the official emergence from recession,” Nick Moon,
Managing Director of Social Research at GfK, said.

–London newsroom: 4420 7862 7491; e-mail: drobinson@marketnews.com