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Consumer confidence for big-ticket furniture spend has taken a knock over fears regarding the UK and wider global economy.


consConfidenceOct2015Research consultancy GfK, whose surveys monitor UK consumer confidence monthly, recorded falls in three of the four measures in October.


Its Major Purchase Index Score—which tracks consumer propensity to splash out on high value goods such as furniture—halved to +7, though remains 12 points ahead of October 2014.


That, it said, was largely down to fears over the economy, with its General Economic Situation index score declining two points to -5, which was also still ahead of the index score for October 2014 (-4).


Head of market dynamics Joe Staton said: “While belief in our personal financial situation for the next 12 months remains strong, growth in the top-line Index has again stalled this month. The good news on the domestic front—with households lifted by wage growth, low interest rates and near-zero inflation—is being tempered by concerns about our ability to shrug off the global downturn.


Savings (down one point to +2) and the Personal Finance Situation Index (up 3 points to +4) made up the remaining measures, giving a total UK Consumer Confidence Index Score of +2, down one point on September.


“Upwards momentum in the Index is also being dragged down by consumer worries about the past performance of the UK economy and expectations for the economy in the year to come,” Mr Staton added.