UK consumer confidence increased three points to -18 in November, according to GfK’s long-running index.
The survey revealed that all measures were up in comparison to last month’s announcement.
The index measuring changes in personal finances during the last year was up one point at -9. Meanwhile, the survey revealed that the forecast about personal finances was up one point at -1, which is two points higher than this time last year.
The measure for the general economic situation of the country during the last 12 months was up three points at -39. Expectations for the general economic situation over the next 12 months were up two points at -26; this is the same as November 2023.
Additionally, the major purchase index increased five points to -16; this is eight points higher than this month last year.
Lastly, the savings index decreased three points to +24; this is five points lower than this time last year.
Neil Bellamy, consumer insights director, GfK, said: “Consumer confidence has improved by three points in November to reach -18. There was evidence of nervousness in recent months as consumers contemplated the potentially worrying impact of the UK Budget at home, and even the implications of the US presidential election.
“But we have moved past those events now. The biggest change this month is in major purchase intentions, an important measure that has jumped five points from -21 to -16 in the run-up to Black Friday next week. The other four measures, covering personal financial expectations and the wider economy, have registered small increases too.”
Bellamy added: “But while 2025 is just around the corner and the New Year often brings optimism, it’s too early to expect significant further improvements in the consumer mood. As recent data shows, inflation has yet to be tamed, people are still feeling acute cost-of-living pressures, and it will take time for the UK’s new government to deliver on its promise of ‘change’.”
