UK: Consumer confidence slumps in December
UK consumer confidence has slumped during the run-up to Christmas, according to the latest figures from research company GfK.
The GfK Consumer Confidence Index Score declined seven points to -29 in December from -22 last month. Four of the five measures, which cover personal finances over the past year, the general economic situation, the climate for major purchases, and savings, fell this month. The forecast for personal finances over the next 12 months remained the same.
GfK managing director of social research Nick Moon said: "While such a dramatic drop in consumer confidence over the last month might seem like very bad news, it must be seen in the context of a massive eight point rise in November - the seventh highest increase since the Index began in 1974. On its own, this increase suggested a real turning point in consumer confidence as we looked ahead to 2013.
"But just as with significant improvements like this in the past - in May 2011 for example - the surge disappeared as fast as it arrived. Despite last month's rise, the Index is now only one point higher than it was in October 2012, indicating that consumer sentiment is still fragile despite the fact Christmas is less than a week away."
The UK Consumer Confidence survey was conducted on a sample of 2,002 individuals aged 16 and above.
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