GfK’s Consumer Confidence Index decreased nine points to -30 in October. All five measures were down in comparison to last month’s announcement, with the Major Purchase Index down 14 points to -34 (up seven points YoY).
Joe Staton, client strategy director, GfK, says: “UK consumer confidence has fallen nine points this month to -30, and takes us back to where we were in July this year.
"This sharp fall underlines that the cost of living crisis, and simply not having enough money to make ends meet, are still exerting acute pressure for many consumers. The fierce headwinds of meeting the accelerating costs of heating our homes, filling our petrol tanks, coping with surging mortgage and rental rates, a slowing jobs market and now the uncertainties posed by conflict in the Middle East, are all contributing to this growing unease.
"The timing of the sharp drop in our major purchase measure – down 14 points – will concern retailers across the land in the run-up to Christmas. The volatility we are seeing in consumer confidence is a sure sign of a depressed economic mood and there’s no immediate prospect of any improvement.”
