Consumer Confidence in the UK Sees a Slight Uptick

Forex - Consumer confidence in the UK saw a slight increase in November, but the data indicated that household spending would not provide significant support for growth by year-end.

The consumer confidence measure from market research group GfK rose from minus 18 in November to minus 17 in December. Consumers were less pessimistic about their personal financial situations and held a more positive outlook on their own expectations. However, there was no improvement in sentiments regarding the overall economy or the ability to make major purchases. This poses a concerning sign for retailers in Britain hoping for a strong year-end shopping season.

Neil Bellamy from GfK stated, "Consumers are still hesitating on making large, consistent purchases and whether these will bring the joy of Christmas." He also mentioned that concerns about the economic outlook are troubling the British public, saying, "In summary, it is the ongoing harsh perspective on the UK’s overall economic situation that is pressuring consumer confidence."