January saw consumer confidence rise in the UK

During the month of January, consumers were more happy about their personal finances according to an index compiled on behalf of the European Commission.

According to the Consumer Confidence Barometer, conducted by market research company GfK showed that confidence rose by 2 points in January.

The research is conducted through interviews with over 2000 people which shows a representative of the population as a whole and has been going since 1974.

The most recent results show that most people are feeling hopeful about their personal financial situations but they are not feeling too hopeful about Britain’s general economic outlook and this is probably due to Brexit.

There has been more reluctancy in January for customers to buy large purchases compared to the Christmas period.

Joe Staton, Head of Market Dynamics at GfK, suggested that Brexit jitters and the wobbly pound were responsible for the population’s lack of faith in the financial system.

He said: “Although consumers report that they are feeling upbeat about their personal financial situation for the coming year, stubborn concerns about the wider economy looking back 12 months and ahead 12 months are ensuring the Overall Index Score remains stuck in gloomy territory.

“Rising inflation and weak income growth is forecast to squeeze households’ disposable income, and these two factors could conspire to depress confidence for the year ahead.

“It’s certainly difficult to see where the oomph will come from over the short term.”

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