... at its lowest level since February, echoing recent data that show Britain's rapid economic recovery slowed in the second half of this year.
Nick Moon, GfK's managing director for social research, believes the data implies that time is running for a significant recovery in consumer morale before the general election in May 2015.
"It is likely that people will have to start feeling personally better off if the index is to get solidly into positive territory," he said.
The Conservative Party, leader of Britain's ruling coalition, hopes the nation's recent strong economic performance will convince voters to keep it in power. The opposition Labour Party, however, argues that most Britons have yet to see the benefits of the recovery because wages growth hovers beteewn zero and minimal.
October's decline in the index was driven by a fall in three of its five main components, with the major purchases index slipping to its lowest level since March. The five main components are:
1. How has the financial situation of your household changed over the last twelve months?
2. How do you expect the financial position of your household to change over the next twelve months?
3. How do you think the general economic situation in this country has changed over the last twelve months?
4. How do you expect the general economic situation in this country to develop over the next twelve months?
5. In view of the general economic situation, do you think now is the right time for people to make major purchases such as furniture or electical goods?
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