GfK’s Consumer Confidence Index increased by two points to -20 in February. All measures were up compared to January.
Neil Bellamy, consumer insights director, NIQ GfK said: “In contrast to last month when all five core measures were down, this month they are all up. The biggest improvement is in how consumers see their personal finances for the coming year, with an increase of four points that takes this measure out of negative territory to +2.
“The Bank of England interest rate cut on 6 February will have brightened the mood for some people, but the majority are still struggling with a cost-of-living crisis that is far from over. Prices are still rising above the Bank of England’s target; gas and electricity bills remain a challenge for many households.
“So, it’s no surprise that consumer views on the general economic situation are still lower than 12 months ago, suggesting that people don’t expect the economy to show any dramatic signs of improvement soon. Politicians looking for bright spots on the horizon will be disappointed.”
The index measuring changes in personal finances during the last year is up three points to -7. The measure for general economic situation of the country during the last 12 months is up two points to -44.
The major purchase index is up three points to -17, while the savings index stayed at +30 in February.
