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Highlights
- The value of GfK's consumer confidence index went up from -49 in September to -47 this month.
- Last month’s figures were the lowest figures since record began in 1974, and consumer confidence has continued to stay close to the lowest point on record this month.
- The period of the survey covered the time when Liz Truss reversed her policy decisions, but this was prior to her resignation announcement made on Thursday.
Latest data indicates that amid the political turmoil and soaring inflationary pressures, the confidence among UK consumers persists to be low. Market research firm GfK's consumer confidence index revealed on Friday that consumer confidence has continued to stay close to the lowest point on record this month.
The value of the index went up from -49 in September to -47 this month, as per data collected from October 3 to October 13 in a survey of around 2000 people. Last month’s figures were the lowest figures since the record began in 1974, and the situation continues to be gloomy.
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The period of the survey covered the time when Liz Truss reversed her policy decisions, but this was prior to her resignation announcement made on Thursday. In an attempt to re-establish the economic policymaking reliability of the country, the new chancellor Jeremy Hunt has stated that he would get rid of majority of Truss's economic programme, lower public spending and has cautioned about more tough rulings on tax.
Already struggling to pay their bills amid fears of surging interest rates and higher mortgage costs, the households might potentially have to deal with tax hikes and even austerity measures. Ahead of the long hard winter months, while consumers tackle the ongoing crisis, investors may explore the option of investing in the following consumer stocks trading on the London Stock Exchange.
ME Group International plc (LON:MEGP)
The YTD (year to date) return of the leading UK-based operator of vending machines, ME Group International plc, stands at 32.70% as of 21 October, while its one-year return stands at 24.04%. MEGP shares were trading at GBX 83.60 as the market opened at around 8:00 AM (GMT+1) on Friday. With a market cap of £316.05 million, the group’s EPS (earnings per share) lies at 0.06. It has a low P/E ratio of 8.26.
Imperial Brands plc (LON: IMB)
The YTD return of the leading British tobacco producer, Imperial Brands plc, stands at 24.10% as of 21 October, while its one-year return stands at 27.40%. IMB shares were trading at GBX 2,014.00 as the market opened at around 8:00 AM (GMT+1) on Friday, seeing a dip of 1.03%. With a market cap of £19,302.62 million, the FTSE100-listed business’s EPS lies at 3.00. It has a low P/E ratio of 9.55.
Hostelworld Group plc (LON:HSW)
The YTD return of the online travel agent focusing on hostelling, Hostelworld Group plc, stands at 29.20% as of 21 October, while its one-year return stands at 16.45%. HSW shares were trading at GBX 87.50 as the market opened at around 8:00 AM (GMT+1) on Friday. With a market cap of £102.82 million, the group’s EPS lies at -0.46.
