UK's consumer confidence dips in February 2023: GfK

Notably, perceptions of personal finances over the past year have worsened, falling two points to minus 14. However, this still represents a significant improvement of 12 points compared to February of the previous year. The outlook for personal finances over the coming 12 months holds steady, with the score remaining at 0, marking an optimistic rise of 18 points from last year's figures.

Views on the general economic situation over the past year have also declined, with the measure dropping two points to minus 43. Despite this decrease, the score is 22 points higher than it was in February 2023. Expectations for the country's economic situation in the next 12 months have seen a three-point decrease to minus 24, yet this too is an improvement, standing 19 points higher than the previous year.

The major purchase index, which gauges consumers' willingness to buy big-ticket items, has taken a hit, decreasing by five points to minus 25. This figure is still 12 points more positive than the same period last year. On a brighter note, the savings index, reflecting the inclination to save money, has increased by two points to 29, demonstrating a 10-point uplift from February 2023.

ALCHEMPro News Desk (DP)