September sees UK consumer confidence drop
The 'major purchase Index' was the only measure to increase this month by 5 points, and is now -15.
Nick Moon, MD of GfK NOP Social Research, comments: "September's slump suggests the rise in consumer confidence in August was a false dawn, as feared. Besides the trough in July probably caused by the emergency budget, this month's figure is the lowest confidence has been for the past year. I think we could be about to find out if the IMF and the money markets are more worried about double dip recession than they are about the size of the UK deficit."
UK consumer confidence measures - September 2010
The overall index score this month dropped by two points to -20, 4 points lower than this time last year. Four of the 5 measures this month decreased, with one measure increasing. The annual moving average increases 1 point to -17.
| Measure | Sept 2010 | Aug 2010 | Sept 2009 |
|---|---|---|---|
| Overall Index Score | -20 | -18 | -16 |
| Personal Financial situation over last 12 months | -14 | -12 | -13 |
| Personal Financial situation over next 12 months | -5 | -3 | 5 |
| General Economic situation over last 12 months | -46 | -43 | -63 |
| General Economic situation over next 12 months | -19 | -14 | 4 |
| Climate for major purchases | -15 | -20 | -15 |
Personal financial situation
The index measuring changes in personal finances during the last 12 months has decreased two points this month, and is now -14; this is 1 point lower than this time last year.
The forecast for personal finances over the next 12 months decreased by 2 points to -5, this is 10 points lower than September '09.
General economic situation
The measure for the general economic situation of the country during the last 12 months has decreased by three points to -46; 17 points higher than this time last year.
An expectation for the general economic situation over the next 12 months has decreased by 5 points to -19, 23 points lower than September '09.
Climate for major purchases
The major purchases measure has increased by 5 points this month to -15; the same as this time last year.
Savings index
The 'now is a good time to save' Index, has decreased 3 points to -9, which is 4 points lower than September '09.
About the GfK NOP Consumer Confidence survey
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Source: GfK
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