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Published
Feb 28, 2017
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UK consumer confidence falls again

Published
Feb 28, 2017

There was bad news for fashion retailers hoping to see an uplift in sales Tuesday as a key consumer confidence index fell again in February having also started the New Year with a drop.


UK consumers have been spending on their credit cards but could call a halt this year



Research specialist GfK said its monthly consumer sentiment index went down to -6 last month after being at -5 in January. The last time consumer confidence rose was last November.

GfK said the reduction in sentiment is as much to do with fear of what is ahead as concern about what is happening at the moment. Consumers are already seeing rising prices and  fear that inflation will accelerate this year with any slight growth in earnings potentially being wiped out by higher prices.

After the Brexit vote in June, UK consumers continued to spend, using credit cards to boost their spending power.

But GfK’s Joe Staton, head of market dynamics, said that the debt-fuelled spending boom is running out of steam and the reduction in consumer confidence could mean a spending slowdown later this year.

That could hit fashion hard as prices increase. Some in the fashion sector have already signalled price hikes with Next among those to say they will raise prices. Foreign luxury firms have also been hiking their UK prices to harmonise pricing across Europe, while Apple and Microsoft have made their tech goods more expensive due to the weak pound.

However, yesterday Primark issued an update and predicted a hit to its margins ahead due to higher cost of imported goods. This suggests that some chains in the value price market could absorb price hikes in order to boost market share.  

Meanwhile the GfK figures showed just how much consumer sentiment is declining. Its index relating to personal finances over the next 12 months is still in positive territory but fell by four points to +3.

And the measure relating to expectations for the general economic situation over the next 12 months may have risen by three points compared to January but is still at a bleak -20 and is eight points down year-on-year.

The major purchase index is at +5 but this is down five points month-on-month and is seven points below the year-ago figure.

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