GfK: Consumer Confidence Fell In October

• Key future indicators on personal finances and purchase intentions edge up as general economic situation falls

Long-running Consumer Confidence Index fell one point to -21 in October. Three measures declined and two rose compared to September’s announcement. 

Neil Bellamy, Consumer Insights Director, NIQ GfK, says: 

“Consumer confidence fell one point this month to -21, taking the score back down to the level last seen in March this year. Also falling one point are both personal financial situation over the last 12 months and general economic situation over the next 12 months. The largest drop though was in our view of the general economic situation over the last 12 months, down five points to -42. On the plus side, the major purchase index rose two points and future personal financial expectations by one point. As the Budget statement looms, consumers are in a despondent mood despite a fall in the headline rate of inflation. This month’s Consumer Confidence Barometer paints a picture of people holding their breath to see what’s in store for them on 30th October.”

UK Consumer Confidence Measures – October 2024

The Overall Index Score fell one point to -21 in October. Three measures were down and two were up compared to last month’s announcement.

Personal Financial Situation

The index measuring changes in personal finances during the last year is down one point at -10; this is nine points better than October 2023. 

The forecast for personal finances over the next 12 months is up one point at -2, which is six points higher than this time last year.

General Economic Situation

The measure for the general economic situation of the country during the last 12 months is down five points at -42; this is 12 points higher than in October 2023. 

Expectations for the general economic situation over the next 12 months are down 1 point at -28; this is four points better than October 2023.

Major Purchase Index

The Major Purchase Index is up two points to -21; this is 13 points higher than this month last year.

Savings Index

The Savings Index rose four points to +27; this is two points higher than October 2023.

Source : GfK

Image : Ivan Balvan / iStock / 1164273151

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