UK Consumer Confidence Rallies In November

• Headline score bounces back six points in November despite ongoing cost-of-living concerns  

GfK’s long-running Consumer Confidence Index increased six points to -24 in November. All five measures were up in comparison to last month’s announcement.

Joe Staton, Client Strategy Director GfK, says: “Consumer confidence strengthened in November with improvements across all measures. Recent ups and downs in confidence have underlined the nation’s topsy-turvy economic mood as encouraging news about falling inflation and wage growth is offset by high personal taxation, alongside costly fuel and energy bills. Although the Overall Index Score is still tracking firmly in negative territory, it is good to see that consumers are more optimistic about their personal financial situation. This shows people are thinking about their future with increased confidence and willingness to look beyond the short-term. The dramatic 10-point jump in our major purchase sub-measure, reversing some of the worrying 14-point drop we saw last month, will be good news for retailers looking to benefit from Black Friday and Christmas. Despite the acute cost-of-living pressures, many would still like to loosen their purse strings just a little so they can enjoy that feel-good factor we all associate with the festive season.”

UK Consumer Confidence Measures – November 2023

The Overall Index Score increased six points to -24 in November. All five measures were up in comparison to last month’s announcement. 

Personal Financial Situation 

The index measuring changes in personal finances during the last year is up three points at -16; this is eight points better than November 2022. 

The forecast for personal finances over the next 12 months increased five points to -3, which is 26 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 up five points at -49; this is 18 points higher than in November 2022.  

Expectations for the general economic situation over the next 12 months have increased by six points to -26; this is 32 points better than November 2022.

Major Purchase Index 

The Major Purchase Index is up 10 points to -24; this is 14 points higher than this month last year.

Savings Index

The Savings Index is up four points at +29; this is eight points higher than this time last year.

Source : GfK

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