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News Release from: GfK NOP | Subject: Consumer Confidence
Edited by the Marketingservicestalk Editorial
Team on 29 February 2008
Consumer Confidence drops to
thirteen-year low
Confidence among UK Consumers has fallen to a 13-year low as fears grow about recession, according to the latest GfK NOP Consumer Confidence survey.
The Index score this month is now at its lowest since December 1994, with a drop of four points to -17 All five measures have recorded drops, including the major purchase index, which dropped six points to -19
This article was originally published on Marketingservicestalk on 1 Feb 2008 at 8.00am (UK)
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Rachael Joy in the Consumer Confidence team at GfK NOP commented: "This month's drop in Consumer Confidence comes in spite of the cut in interest rates earlier this month; consumers are feeling a little less confident about their own personal finances and much less confident about the general economy as a whole.
"This may have been fuelled by the wide reporting on a housing market slowdown, high fuel and energy prices and rising food prices.
"These factors all squeeze budgets, causing consumers to be much less confident about making major purchases".
The four-point decrease in the overall index score this month - now standing nine points lower that this time last year - has been caused by a drop across all five measures, particularly in the 'major purchases' climate.
The annual moving average has dropped to -8.
The index measuring changes in personal finances during the last year has dropped by three points to a score of -1; this is one point lower than in February last year.
There has also been a slight drop in the forecast for personal finances over the next year, which has come down one point to a score of +6; four points lower than in February 2007.
The measure for the general economic situation of the country during the last 12 months dropped to a score of -40; this is seven points lower than February last year.
This score has not been this low since April 1993 when it was -51.
Expectations for the general economic situation over the next 12 months have dropped to -29; eight points lower than in February 2007.
This score has not been this low since November 1992, when it was -30.
The major purchases measure has dropped by six points, from -13 to -19; this is 23 points lower than last February.
This level of depression has not been seen since December 1990 when the score was -21.
The 'now is a good time to save' index has dropped slightly by two points to +28; seven points lower than in February 2007.
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