GfK’s long-running Consumer Confidence Index decreased by five points to -22 in January. All measures were down in comparison to last month’s announcement – the Major Purchase Index was down four points to -20 (the same YoY result, against high comparatives).
Neil Bellamy, consumer insights director, NIQ GfK, says: “New Year is traditionally a time for change, but looking at these figures, consumers don’t think things are changing for the better.
"This month’s results show a decline in all five measures that make up the Overall Index Score. There are particularly steep falls in consumer views on the wider UK economy, both looking back a year (down seven points) and at what’s in store for the next 12 months (eight points lower). These figures underline that consumers are losing confidence in the UK’s economic prospects.
"While the Savings Index on motivation to save money is not included in the calculation of the Overall Index Score, it’s notable that it has leapt nine points in January to +30. This sharp increase is unwelcome because it’s another sign that people see dark days ahead and are therefore thinking of putting money aside for safety.”
