A new survey offers some optimism for British consumerism. For the first time since May, shoppers appear to be taking a more positive outlook on the economy. The GfK NOP consumer confidence index rose to -30 in September, in contrast to the 4 month low of -31. This survey sampled 2000 people and was conducted from September 2-11th on behalf of the European Commission.
The level was actually 10 points below the level that it was last year, but it was better than expected.
As GfK Managing Director Nick Moon said, “The index’s one-point rise this month is not statistically significant, but it is psychologically important as it halts the decline of recent months.”
The personal finance outlook also improved just slightly to -10 from -11. As Moon indicated, “With economic growth effectively stalled at the moment, retailers would welcome more high street activity, although if consumers are buying German fridges and Japanese cars, this would create quite different problems for the UK economy.”
Although the outlook likes slightly better, stores aren’t expected a huge change in buying practices. Consumers are still holding tight to their purse strings, and stores don’t expected improved spending at the moment.