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Is consumer confidence starting to crack?

A survey today has confirmed the fears of many in the UK with confirmation that nearly one third of people questioned believe that the UK economy could hit more trouble in 2010. The survey was carried out in the final quarter of 2009 and compares badly against a similar survey from the third quarter of 2009 when only 22% of people believed that the UK economy would struggle in 2010.

While these particular figures themselves are alarming there was also a sharp drop in optimism that the UK economic situation would improve in 2010 with 39% optimistic against 52% in the previous quarter. While it has to be said that consumer confidence can literally turn on a sixpence, and we did see a very impressive festive period on the high street, it is alarming that a positive trend which began in the second half of 2009 has started to fade away.

Ultimately consumer confidence will play a major role in the eventual recovery in the UK economy and it is vital that the authorities inject more optimism into the consumer sector. Quite how this will happen remains to be seen but if consumer confidence falls much further we could head back towards economic stagnation or another period of weakness in the UK economy.

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