Consumer confidence rises to highest level since January 2022

Commenting on the figures, Joe Staton – client strategy director at GfK – said: “The view on our personal financial situation for the past year and the next is registering marginal but welcome growth, while expectations for the UK’s wider economy in the coming year show a more robust six-point increase.  

“And with less than 100 shopping days to Christmas, the four-point boost to the major purchase measure might offer some hope to retailers, who know all too well that many people face financial pressure in the run-up to this year’s festive season.  

“While this month’s improved headline score is good news, it’s important to note many households are still struggling with the cost-of-living crisis and that economic conditions are tough. The reality is that consumer confidence remains suppressed, and the financial mood of the nation is still negative.” 

In total, the Overall Index Score increased by four points to -21 in September – with all five measures up in comparison to last month. Broken down, people’s personal financial situation increased by two points month-on-month to -13, -15 points better than September 2022, with it forecast to increase to -2 over the next 12 months.

People’s confidence in the General Economic Situation, meanwhile, improved during the last 12 months is up five points at -47, while the Major Purchase Index increased four points to -20 and the Savings Index remained unchanged at 27 – although this is 18 points higher than during the same month last year.