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How far can we knock consumer confidence?


Posted At: 01 August 2008 11:13 AM
Related Categories: General, Retail


GfK NOP have reported a further drop in consumer confidence, to a level not seen since the UK was heading into the last recession, but how much can this be credited to a true reduction in our confidence, and how much to a thinking that our confidence should be lower, because everyone keeps talking about the credit crunch and the falling house prices.  Surely we would be considered abnormal if we told GfK NOP that we expected our own personal financial situation to improve and the economic situation to do likewise?


Maybe, rather than asking consumers and receiving regurgitated news, we should look to their actions instead.  42% of GfK NOP respondents say they have changed to buying supermarket own brands rather than branded goods and 28% have switched to a discount supermarket, however, the iPhone – not exactly an essential - went on sale in the UK on Friday 11 July and by the end of the weekend, one million had been sold!

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I do actually feel like we're talking ourselves into feeling all this doom and gloom. Remember the River Island incident; The Appointments headline read "Profits take a knock at River Island" when actually, sales increased 8%! See, unecessary negativity. And I heard a radio advert this morning using the tagline '"recession busting prices"'!! I wasn't aware we were in a recession yet!? Talk about glass half empty.

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