GfK’s Consumer Confidence Index decreased two points to -28 in January. Four measures decreased in comparison to the December 18th announcement and one measure increased. The Major Purchase Index decreased by two points to -24 (25 points lower than January 2020).

Joe Staton, GfK’s client strategy director, says: “Despite the widespread anticipation of a ‘return to normal’ with the ramp-up of the vaccination programme, it is too early to deliver a jolt in the arm to UK consumer confidence. Our view of the general economic situation still makes for grim reading – especially expectations for the coming year, which shows a nine-point drop.

"This continues to suppress the overall index, which is further dampened by a weak major purchase score, as reflected in retail sales figures across the country.

"The real key is how we view our personal financial situation for the next 12 months. Confidence in this figure reflects our financial hopes and fears, as well as those of our families and loved ones, and it seems to be holding up. That’s just as well because, amid widespread uncertainty over jobs and livelihoods, any decline in how we see our personal finances in the year to come would be a clear warning that the economic outlook will not improve any time soon.”