Consumer confidence ‘severely depressed’ despite improvement

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The latest consumer confidence data showed a small improvement in sentiment, but overall it is still low.

GfK’s index showed an increase of one point to -33 in overall consumer confidence over the past two weeks. However, that is still a 20-point decrease year on year, from -13 in 2019.

Consumers’ confidence in their personal finances for the next year improved by three points to -11. As people are at home during lockdown, many are spending less and the savings index climbed nine points to 14.

Those surveyed were slightly more optimistic about the general economic outlook for the next 12 months. GfK reported growth of three points to -53.

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