GfK’s long-running Consumer Confidence Index increased six points to -24 in November, despite ongoing cost of living concerns. All five measures were up in comparison to last month’s announcement – the Major Purchase Index was up 10 points to -24 (up 14 points YoY).
Joe Staton, client strategy director at GfK, says: “Consumer confidence strengthened in November with improvements across all measures. Recent ups and downs in confidence have underlined the nation’s topsy-turvy economic mood as encouraging news about falling inflation and wage growth is offset by high personal taxation, alongside costly fuel and energy bills.
"Although the Overall Index Score is still tracking firmly in negative territory, it is good to see that consumers are more optimistic about their personal financial situation. This shows people are thinking about their future with increased confidence and willingness to look beyond the short-term.
"The dramatic 10-point jump in our major purchase sub-measure, reversing some of the worrying 14-point drop we saw last month, will be good news for retailers looking to benefit from Black Friday and Christmas. Despite the acute cost of living pressures, many would still like to loosen their purse strings just a little so they can enjoy that feelgood factor we all associate with the festive season.”
