After a year that saw the country vote to leave the European Union, the United Kingdom's consumer confidence ended 2016 way down on the start, despite a slight rebound in the autumn, the latest GfK index records.
The overall score of GfK's Consumer Confidence Index rose from -8 to -7 in the final two months of 2016. However, the results were still way down on January, which recorded a reading of +4.
However, the overall result for December hid a mixed bag of indicators with two of the given measures increasing, while three others decreased.
The biggest gainer was the "major purchase index," up seven points since November – and five points higher year on year. Joe Staton, head of market dynamics at GfK, attributed this to U.K. consumers' pragmatic understanding that "now is a good time to buy" resulting in "strong retail sales growth," in a statement accompanying the latest index.
But, the "general economic situation" measure over the last twelve months was down one point to -26, 21 points lower than December 2015's score. Survey respondents' expectations of their general economic situation over the next 12 months are also down one point over the next twelve months at -23, in contrast to -6 in December 2015.