Consumer confidence slips in January despite vaccine rollout boost

Consumer confidence has declined in January despite the ongoing rollout of the Covid-19 vaccine.

According to the latest data from GfK’s long-running Consumer Confidence Index, it revealed that Consumer Confidence has dropped by two points this month to -28.

The major purchase index has fallen by two points to -24 while the index measuring people’s expectations for their personal finances in the next 12 months has declined by one point to 2.

Meanwhile, the index for expectations for the general economic situation over the same period has dropped by nine points to -44.

Joe Staton, GfK’s client strategy director, said: “Despite the widespread anticipation of a ‘return to normal’ with the ramp-up of the vaccination programme, it is too early to deliver a jolt in the arm to UK consumer confidence.

“Our view of the general economic situation still makes for grim reading, especially expectations for the coming year, which shows a nine-point drop. This continues to suppress the overall index, which is further dampened by a weak major purchase score, as reflected in retail sales figures across the country.”