Consumer confidence holds steady in February after January's surge

The index showed sentiment remained at -7 following a leap from -13 between December and January.

February’s -7 score compares with the -26 recorded in February 2013.

GfK managing director of Social Research Nick Moon said:  “After the substantial six-point rise in the index last month, holding steady, rather than any form of correction, is good news. Just a year ago the index stood at -26, so the current level is massively better. Taking the whole history of the index from 1974, the current level is slightly ahead of the lifetime average of -9.”

Consumers’ confidence regarding their own personal finances over the next 12 months increased one point in February to 4. This is nine points higher than February 2013.

Expectations for the general economic situation, over the next 12 months stayed flat at 2, which is 27 points higher than this time last year.

However, the ‘climate for major purchases’ index fell one point to -11, although this is 15 points higher than this time last year.