Consumer worries damage confidence in November

Latest survey from GfK NOP shows continued decline in major purchase confidence
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Consumer confidence in the UK took another hit in November, according to figures from the latest GfK NOP consumer confidence index.

Consumer confidence for the past 12 months fell again, as did confidence for the next 12 months, with the latter falling below last year's levels after a recent resurgence in confidence earlier this year.

Major purchases also took another hit during November, continuing to languish at levels reminiscent of December 1995, down two points from October, at -7.

"This month we have experience a number of factors that have made the consumer wary about both their financial future and the general economic situation of the country," said Rachael Joy, GfK NOP consumer division.

Confidence in the state of personal finance also fell by four points, to +9, spurred on largely by issues surrounding interest rates, mortgages and general inflation.

"With petrol prices racing past £1 a litre, food prices on the increase and the prospect of higher mortgages and loan fees on the horizon resulting from the credit-crunch, even the most optimistic seem to view their glass as 'half-empty,' added Joy.

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