Consumer confidence down in November

Consumer confidence dropped by three points in November, according to new figures from GfK’s long-running Consumer Confidence Index.

This month the index has fallen to -13 with all measures used to calculate the index seeing a decrease.

The measure seeing the deepest plunge was the major purchase index, which fell by seven points to -3.

Joe Staton, client strategy director at GfK, said: “Against a backdrop of the Chancellor telling everyone that the Brexit deal on the table will make people worse off, this month we’re recording an across the board fall for all measures with concerns over household finances, the general economy and purchase intentions.

“The next few weeks are highly unlikely to inject any festive cheer, especially if Theresa May’s Brexit deal doesn’t win backing from MPs. Brexit appears to be turning this year’s ‘season of goodwill’ into ‘the season of uncertainty’.”

The measure for expectations for the general economic situation over the next 12 months decreased four points to -32 this month while the measure for the forecast for personal finances over the same period fell by one point to +3.