Connect with us


UK consumer confidence edged lower in December – YouGov/Cebr

UK consumer confidence edged lower in December - YouGov/Cebr 1

LONDON (Reuters) – British consumer confidence edged lower in December, taking only a modest hit from the rapid spread of the Omicron variant of coronavirus, a monthly survey showed on Monday.

The YouGov/Cebr consumer confidence index fell by 0.5 points to 110.0 in December, and is well above its level of a year earlier when the economy had recovered much less of the output lost at the onset of the pandemic.

However, much of the current robustness in the index reflects the strongest expectations for rising house prices since May 2017, and a narrower measure of expectations for household finances is below its level in December 2020.

“Both the backward- and forward-looking business activity and job security metrics fell and, crucially, the household finance measures are notably below where they were this time last year,” YouGov’s head of reputation research, Darren Yaxley, said.

The data is in line with many economists’ expectations that Omicron will have a fairly mild economic impact on Britain – despite a record number of cases at the turn of the year – and that fast-rising inflation is a bigger problem for households.

Britain is suffering a rapid rise in the cost of living, driven by higher energy prices which are likely to lead to a 50% increase in utility bills when the cap on regulated energy prices is increased in April.

Britain’s longest-running survey of consumer confidence, from GfK, also showed only a modest fall in sentiment when it was conducted in the first two weeks of December.

The YouGov polling of 6,000 individuals was done over the whole month.

(Reporting by David Milliken; editing by Michael Holden)

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate


Newsletters with Secrets & Analysis. Subscribe Now