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Consumer Confidence Dips Again
26/01/2012
UK confidence dips again as reported by Nationwide’s consumers’ confidence index. The index has dropped from 40 in November to 38 in December, just above October’s reading of 36, being the lowest since the survey started back in 2004.
Robert Gardner, Nationwide’s chief economist said “while this is disappointing, the results are not surprising. Right to the end, 2011 was an extremely rough year for the UK consumers.”
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Nationwide’s ‘spending index’ did manage to hold to a steady 77 and the ‘present situation index’ rose from 18 to 19, whereas the ‘expectations’ components index sank to 50 from 55.
Figures also show that consumers expect house prices to fall by 1.3 per cent over the next six months.
The figures for 2012 are not looking too hopeful for the UK economy; economists predict a reduction for GDP in the fourth quarter of this year.
As living costs and unemployment are on the increase the UK consumers are being more and more cautious of their spending and losing confidence. This is a bad sign for the wider economy as it needs consumers to provide increasing demand by spending.
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