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Entrepreneurs Panel

Julie Meyer
Michael Oliver
Charlie Mullins
Jennie Johnson
Richard O'Sullivan
Steve Purdham
Tony Caldeira
Debbie Pierce
Laura Tenison
David Pollock
Jeremy Roberts
Brian Hay

Consumer confidence rebounds to pre-Brexit vote levels

Consumer confidence increased in September to return to levels last seen prior to the UK's vote to the EU in June.

The GfK Consumer Confidence Index increased by six points this month to minus one. All of the sub-indexes used to calculate the score rose.

The index measuring changes in personal finances during the last 12 months increased by two points to two; this is one point higher than September 2015.

The forecast for personal finances over the next 12 months increased by three points to seven. Again, this is one point higher than the corresponding point of last year.

The measure for the general economic situation of the country during the last 12 months climbed seven points to minus 16 - 13 points lower than September 2015.

Expectations for the general economic situation over the next 12 months increased 13 points to minus nine; down seven points compared with last year.

The index measuring confidence about making a major purchase rose by two points to nine. This is five points lower year-on-year.

The savings index increased by six points to minus nine. This is down 12 points compared with September 2015.

Joe Staton, head of market dynamics at GfK, said: "British consumers appear to have shrugged off Brexit fears about the economy as wages continue to grow faster than prices, rising employment boosts income and low interest rates encourage people to spend rather than save, as seen by improvements in the Major Purchase Index and low levels in the Savings Index.

"But will confidence continue to rise in coming months? Or are we seeing misplaced consumer optimism in which any kind of bad news - economic or political - sends the Index reeling once again?"

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