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Consumer confidence inched down in February according to a closely-followed survey by GfK, the research company.

 

Its long-running index dropped one point this month to a score of -10, with three of the five measures it monitors falling.


This included the Major Purchase Index, which asks consumers if now is the right time to spend on big-ticket items such as furniture, white goods or cars.


It decreased one point month-to-month in February to zero; which is five points lower than the score was in February 2017.


Joe Staton, head of experience innovation UK at GfK, said concerns about sluggish household income and the prospect of council tax and interest rate hikes had dented confidence.


"Shoppers continue to rein in spending, witnessed by the drop in the Major Purchase Index and the gloomy start to 2018 for many retailers," he said.



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