GfK’s long-running Consumer Confidence Index increased by three points to -18 in November. All measures were up in comparison to last month’s announcement, led by major purchase intentions jumping five points to -16 (down eight points YoY).
Neil Bellamy, consumer insights director, GfK, says: “Consumer confidence has improved by three points in November to reach -18. There was evidence of nervousness in recent months as consumers contemplated the potentially worrying impact of the UK Budget at home, and even the implications of the US presidential election. But we have moved past those events now.
"The biggest change this month is in major purchase intentions, an important measure that has jumped five points from -21 to -16 in the run-up to Black Friday next week. The other four measures, covering personal financial expectations and the wider economy, have registered small increases too.
"But while 2025 is just around the corner and the New Year often brings optimism, it’s too early to expect significant further improvements in the consumer mood. As recent data shows, inflation has yet to be tamed, people are still feeling acute cost of living pressures, and it will take time for the UK’s new Government to deliver on its promise of ‘change’."
