UK Data: GfK/NOP: Consumer Confidence Drops 4 Points

Author: Market News International | Category: News

–GfK NOP Says Retreat Inevitable Following Royal Wedding Effect
–Fall Wipes Out Half Of Last Month’s Record Gain
–Falls Seen Across All 5 Sub-Indices
–GFK Sees Gloomy Period Ahead For The UK High Street

LONDON (MNI) – UK consumer confidence fell back sharply this month
following the record gain seen in May on the back of the Royal
Wedding/public holiday feel-good factor, according to the latest GfK NOP
Consumer Confidence Index.

The GFK NOP CCI fell to -25 from -21 in May.

The index is now lower than at any point in 2010 and falls were
registered across all five sub components of the survey.

Nick Moon, Managing Director of GfK NOP Social Research, comments:

“It was almost inevitable that there would be a drop confidence in
June following last month’s unique, feel-good circumstances of public
holidays and the royal wedding. What will disappoint the government is
that the drop is so large – wiping out half of last month’s gain and
leaving consumer confidence lower than it was at any point in 2010.

“Across the board, confidence is lower than it was this time last
year. Consumers’ feeling about their own financial situation over the
coming twelve months may have been the best scoring item but it still
suffered a five-point drop in June, leaving it at -8. As we move into
the summer, the outlook for the beleaguered high street remains a gloomy
one.”

Consumers appear to have become much less confident about the
economic situation over the past 12 months (-50 vs -44) as well as in
the coming 12 (-18 vs -15), GfK NOP noted.

As regards their personal financial situation, consumers are also
less confident (-20 vs -18) for the past 12 months and for the next 12
months (-8 vs -3).

The major purchase index edged down to -27 from -26.

–London newsroom 44207 862 7491; email: ukeditorial@marketnews.com

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