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December 21, 2010    

Consumer confidence remains at low level

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by Kay Murchie

A survey showed today consumer confidence remains at low levels with the GfK NOP December consumer confidence index unchanged at -21.

While it was marginally better than the -22 expected by analysts, it is two points lower than this time last year.

Meanwhile, the survey’s “climate for major purchases” index surged ahead by 10 points, but all other components dropped.

According to GfK NOP, confidence is being supported by consumers enthusiasm for buying big-ticket items before the VAT hike comes into effect in January.

However, GfK NOP warns once the Christmas spending period is over and VAT is lifted, the full impact of how consumers will react to the Government’s spending cuts will become clear.

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