GfK’s long-running Consumer Confidence Index fell by two points to -19 in November. All measures declined from October’s results – the Major Purchase Index, which measures intent to buy big-ticket items such as furniture, fell three points to -15.
Neil Bellamy, consumer insights director at GfK, an NIQ Company, says: “This is a bleak set of results as we head towards next week’s Budget. A fall across all five measures suggests the public is bracing for difficult news, with little in the current climate to lift expectations.
"The continued erosion of confidence is evident in the forward-looking measures for both Personal Financial Situation and the General Economic Situation, which are each down by two points. The three-point drop in the Major Purchase Index is also troubling at this time of year, suggesting households are tightening their grip just as retailers move into a crucial trading period. In such conditions, the Budget offers a timely chance to provide the clarity and reassurance that consumers are struggling to find on their own.”
