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It is said that there are two sides to every question and seemingly this month when it comes to consumer confidence, there are two answers as well.
It is said that there are two sides to every question and seemingly this month when it comes to consumer confidence, there are two answers as well. Fresh out of the box comes the YouGov & Cebr consumer confidence index which reports that consumer confidence is now at the highest level seen since May 2014. According to the report seven out of the eight consumer confidence measures saw an improvement with business activity in the year ahead leading the way.
By contrast, GfK’s consumer confidence index, also out today, recorded a drop of three points following 15 months of steady increases. GfK ‘s Head of Market Dynamics, Joe Staton, commented that “Mixed-messages about a post-Brexit world and the on-going Eurozone crisis are casting a cloud over our economy.”
Interestingly, the Deloitte consumer tracker which reported Q1 results earlier this month commented that “consumer confidence pauses due to wider uncertainty” with concerns over health and well-being resulting in lower confidence levels than in the same period last year.
Who’s right and who’s wrong and should we worry? The short answer is that it probably depends on which business sector you are in. Certainly the looming Brexit referendum is casting a shadow over some sectors whilst others seem largely unaffected.
How confident are you? If you’ve spent the last few years in creating a market leading organisation, one which has innovation at its heart and high levels of employee engagement then it’s a fair bet that your confidence levels are fairly high. If not, then perhaps it that you took a good look at your consumer offering before someone else takes your consumers away.