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GfK Consumer Confidence Index January 2021

  • GfK’s Consumer Confidence measure edged down to -28 in January – marking a dip on December’s -26 and a drop of 19 points compared to a year earlier.
  • All measures within the index declined compared to the previous month, except for perceptions around personal finances over the past year.
  • Despite hopes of a ‘return to normality’ as the vaccine programme rolls out, forward looking measures of consumer confidence as well as the major purchase index suppressed the overall index in January.
  • Increasing and expected job losses has had a negative impact on how consumers perceive the economy and their future finances.

Source: GfK

General economic situation

  • Consumers’ perceptions of the general economic situation over the last 12 months decreased by 2 points to -67 in January compared to December. This is 39 points lower than in January 2020.
  • Expectations for the general economic situation over the next 12 months contracted by 9 points to -44, marking a drop of 20 points compared to January 2020.

Personal finances

  • The personal finances component over the last twelve months rose by one point to -8 – the only index component to rise in the month.
  • However, the forward-looking measure decreased by one point to +2, which is four points lower than the same month a year ago.

Major purchases

  • The major purchases index fell by two points to -24 in January, which represents a 25 point decline compared a year earlier.

Savings Index (not included in the overall measure)

  • The savings index increased by 1 point to +18 in January. This is two points lower than the same month a year ago.

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