Here is a short series looking at economic factors that have an impact on business, elements that are beyond the control of your business which you should be aware of - and keeping an eye on. There are also a few links to information sources.
Part 3 - Consumer confidence
The end consumer is what all businesses rely on to continue the sales cycle, maintaining the demand for products and services. Consumer Confidence is measured each month, (CCI) it provides an indicator of future developments of households' consumption and saving, based on answers regarding their expected financial situation, their feelings about the general economic situation, employment, savings and many other factors.
The graph below is from the OECD Data website - a great source of information. It show the UK consumer Confidence (red line) and that of Germany (blue line) and how they compare. (Germany has an issue with exports and commentators are talking about a German recession)
Where the line is moving upwards we see an improvement of consumer confidence with consumers feeling more secure month on month. Here the UK is less confident that the rest of the countries analysed (black line) and less than Germany but they see improvements.
Below is a graph chowing the CCI data for the UK vs the EU countries combined.