UK consumer confidence fell in January as all measures were down during the month.

According to the latest GfK Consumer Confidence Index, overall figures decreased by five points to -22 in January. All measures were down in comparison to last month’s announcement.

The Major Purchase Index, which includes big ticket items such as furniture, is down four points to -20; this is the same as this month last year.

The measure for the general economic situation of the country during the last 12 months is down seven points to -46; this is five points lower than in January 2024.

The index measuring changes in personal finances during the last year is down three points at -10; this is two points better than January 2024.

The Savings Index has jumped nine points to +30; this is three points higher than this time last year.

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.”