Despite another month of declining footfall on the high street, the latest analysis from YouGov and the Centre for Economics and Business Research shows consumer confidence ticked up in February, the first positive move in four months.
The uptick comes as a surprise considering the looming Brexit deadline and the inability of the Commons to pass Theresa May’s Deal. The figures pointing to the increased confidence paint a slightly different picture if viewed over the longer term. Any score over 100 means more consumers are confident than unconfident, and February’s rise of 0.4 points to 104.7 makes it the first positive movement in four months. However, only two months since the beginning of 2014 have seen a lower consumer confidence score.
YouGov collects data on consumer confidence every day, conducting more than 6000 interviews per month. Interviewees are asked about household finances, property prices, job security and business activity, over the previous 30 days and looking ahead to the next 12 months.
Nina Skero, Director and Head of Macroeconomics at the Centre for Economics and Business Research, said: “Although the YouGov/Cebr Consumer Confidence Index climbed in February, there is little cause for celebration.
"Even after the most recent improvement, the index remains at its third lowest point in five years and forward looking measures for household finances, business activity and house values all declined compared to last month. The continued prospects of a no-deal Brexit or a Brexit delay, which would prolong the economic uncertainty, continue to cast a long shadow over consumers’ views of the future.”