Consumer confidence rose by two points in February to reach -7, a climb attributed to an increasingly positive view on the economy.
The GfK consumer confidence survey showed that the view of the general economic situation over the past 12 months, as well as the coming 12 months, was becoming more positive – the measures rose by five and three points respectively in February.
The major purchases index was also up by five points, but the view of personal financial situations over the past 12 months was down by two points. The overall score increased by two points compared to January 2020 and by six points compared to February 2019.
Joe Staton, Client Strategy Director at GfK commented: “Against a February backdrop of rising wages and house prices, low unemployment and stable inflation, we report another healthy uptick in consumer confidence this month – the third monthly increase in a row.”
Stanton noted that, while the increase was good news, the potential impact of coronavirus on confidence is yet to be seen. He said: “Although the Index remains south of positive, the trajectory remains upwards. The only “known unknown” is the potential impact of coronavirus on behaviour, confidence and spending patterns. This is a developing story, watch this space.”