UK consumer confidence picks up in November

(Sharecast News) - Consumer confidence rebounded in November, a closely-watched survey showed on Thursday, as people started to look towards the festive season. The latest Consumer Confidence Barometer from GfK was -24, a six-point increase following October's surprise nine-point slump to -30.

Within that, all sub-measures improved as well. The gauge for the personal financial situation for the next 12 months rose five points to -3, while expectations for the economic situation in the coming year improved six points to -26.

The main purchase index also rose, by 10 points to -24.

Joe Staton, client strategy director at GfK, said: "Recent ups and downs in confidence have underlined the nation's topsy-turvy economic mood, as encouraging news about falling inflation and wage growth is offset by high personal taxation, alongside costly fuel and energy bills.

"The dramatic 10-point jump in our major purchase sub-measure, reversing some of the worrying 14-point drop we saw last month, will be good news for retailers looking to benefit from Black Friday and Christmas.

"Despite the acute cost of living pressures, many would still like to loosen their purse strings just a little so they can enjoy that feel-good factor we all associate with the festive season."

The survey of 2,000 individuals aged 16 and over was carried out between 1 and 14 November, before the chancellor Jeremy Hunt's Autumn statement, on 22 November.