28 May 2024, 11:04
By Furniture News Sept 22, 2023

Consumer confidence at highest levels since January 2022

GfK’s long-running Consumer Confidence Index increased four points to -21 in September. All five measures were up in comparison to last month’s announcement.

The Major Purchase Index, which gauges consumers' willingness to buy big-ticket items, was up four points to -20, 18 points higher YoY. 

Joe Staton, client strategy director, GfK, says: “Against the backdrop of falling inflation figures, growth in wages and high interest rates, UK consumer confidence rose this month to -21, the best recorded showing since January 2022.

"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.”

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