Consumer confidence takes a battering
Despite the fact that it appears as though the UK economy is at least moving in the right direction, consumer confidence fell by four points to -17 in November according to the GfK NOP. While this is a marked improvement on the -35 figure last year it is still disappointing to see a downturn in consumer confidence in the short term at least.
One of the main problems which consumers in the UK have experienced over the last few months is a number of different reports giving different opinions and different forecasts about the UK economy. While it is not uncommon to see a number of reports giving different indications for the short to medium term it is the length of time during which this has occurred, an extended period, which is surprising. However, when you consider that the credit crunch and resulting worldwide economic downturn were the severest seen in living history it is perhaps no surprise that consumers are confused!
As we have mentioned on numerous occasions, it is dangerous to take reports on a stand-alone basis as the best indication of future performance is the short to medium term trend. Thankfully the upward trend in consumer confidence still appears to be intact even if November was a difficult month in the UK.
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