Consumer confidence creeps upwards

UK consumer confidence has improved for the second month in a row but remains near all-time lows, according to GfK NOP. The consumer confidence index rose by two points to -33 this month suggesting the recent cuts in VAT and interest rates are working.

The rise was led by an increased confidence in making major purchases and comes a day after official figures showed a surprise 0.3% increase in retail sales in November. The survey also reveals that major purchases subindex rose 10 points to -29, but is still 15 points lower than the same period last year.

A spokeswoman say: “The crucial question is whether the improvement in this index will be translated into activity on the high street during the January sales.”

Last month The Government announced cuts in VAT from 17.5% to 15% until the end of next year. The Bank of England has also reduced interest rates from 5.5% in October to 2%.

In November, lower energy costs and retail discounts boosted the GfK NOP index for the first time since August.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here