GfK’s long-running Consumer Confidence Index decreased by two points to -19 in September. All measures were down in comparison to last month’s announcement – the Major Purchase Index was down three points at -16 (up seven points YoY).
Neil Bellamy, consumer insights director at GfK, an NIQ Company, says: "There’s an autumnal chill in the air this month, with all five measures of consumer confidence down and the overall index score for September slipping two points from -17 to -19.
"The August 7th decrease in interest rates does not appear to have provided any obvious boost to the financial mood of consumers or drawn attention away from day-to-day cost issues. Both personal finance measures – past and future – are lower, while our major purchases measure has dropped three points to -16. Even more striking is an eight-point fall in saving intentions.
"Looking at the economy, sentiment is sliding sharply – in June 2024 our forward-looking measure stood at -11, but just 15 months later it has slumped to -32. Perceptions of the past year remain weak too, down three from last month to -45. With tax rises expected in the November Budget, the risk is that confidence inevitably falls, just like the autumn leaves."
