GfK Consumer Confidence Index October 2020
- GfK’s Consumer Confidence dipped by six points to -31 in October - 17 points lower than in the same month a year ago and the lowest reading since May. All measures within the index decreased compared to the previous month.
- Consumer confidence remains fragile, despite all-time low interest rates, continuous government financial stimulus and a strong recovery in the housing market as the threat of increasing unemployment and rising cases of the coronavirus weighs on sentiment.
- Entering the Christmas season, new covid-19 restrictions and the end of the furlough scheme will likely have an adverse effect on consumer confidence for the remainder of the year.
General economic situation
- Consumers’ perceptions of the general economic situation over the last 12-months fell by six points to -67, some 34 points lower than in October 2019.
- Similarly, expectations for the general economic situation over the next 12 months plunged by 12 points to -50, this is thirteen points lower than October 2019.
- The backwards-looking personal finances component fell two points to -9 while the forward-looking measure fell by one point to 0.
- Worryingly for retailers, the major purchases index declined by six points to -27 in October, this represents 26 points down from October 2019.
Savings Index (not included in the overall measure)
- The savings index fell six points to 14 in October. This is seven points lower than the same month a year ago.
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