GfK’s Consumer Confidence Index increased three points to -19 in January. All five measures were up in comparison to last month’s announcement – the Major Purchase Index was up three points to -20 (up 20 points YoY).
Joe Staton, client strategy director, GfK, says: “Consumer confidence has started the year well with all measures up and a headline score of -19, the best since January 2022.
"Importantly, the view on our personal financial situation for the coming year has gained two points and now stands at zero. This is exciting as it ends 24 consecutive months of negative scores for this measure and this significant change is the best single indicator for how the nation’s households feel about their income and expenditure.
"Despite the cost of living crisis still impacting many households across the UK, consumers appear to be encouraged by the positive news about falling inflation. On balance, while there is national and global turmoil, the Consumer Confidence Index has started 2024 on a positive note – let’s see if this optimism continues.”
