Consumer confidence strengthens following dip in October

This followed last month’s drop in the market researcher’s overall consumer confidence index score to -30 in October. Year-on-year, meanwhile, the -24 figure is 20 points higher than in November 2022.  

Commenting on this, GfK’s client strategy director Joe Staton said: “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.”

People’s confidence in their personal financial situation, meanwhile, increased by three points month-on-month to -16 – while their confidence in the UK’s general economic situation is five points higher, going up to -49. 
Meanwhile, GfK’s major purchase index went up by 10 points to -24, while is savings index increased by four points to 29.