According to market research company GfK, UK consumer confidence has increased for the third month in a row, signalling what many hope could be the end to the retail downturn of the past 12 months.
The long-running consumer confidence index, which spoke to more than 2,000 people to find out how they feel about their own finances and the wider economy, increased by two points this month.
While still in negative figures (-7), this signalled the third consecutive month of improvement (-9 in January and -11 in December). Last February’s index was particularly low, at -13.
“Against a February backdrop of rising wages and house prices, low unemployment and stable inflation, we report another healthy uptick in consumer confidence this month – the third monthly increase in a row,” said GfK client strategy director Joe Staton.
“The rise in the overall index score is driven by our increasingly positive view on the state of the UK’s general economy for both the past and the next 12 months.”
“Although the index remains south of positive, the trajectory remains upwards,” he continued.
“The only ‘known unknown’ is the potential impact of coronavirus on behaviour, confidence and spending patterns. This is a developing story, watch this space.”
