UK consumer confidence fell in October as three measures were down during the month, while major purchases rose.
According to the latest GfK Consumer Confidence Index, overall figures fell one point to -21 in October. Three measures were down and two were up compared to last month’s announcement.
The Major Purchase Index, which includes big ticket items such as furniture, is up two points to -21; this is 13 points higher than this month last year.
The measure for the general economic situation of the country during the last 12 months is down five points at -42; this is 12 points higher than in October 2023.
The index measuring changes in personal finances during the last year is down one point at -10; this is nine points better than October 2023.
The Savings Index rose four points to +27; this is two points higher than October 2023.
Neil Bellamy, Consumer Insights Director, GfK, says: “Consumer confidence fell one point this month to -21, taking the score back down to the level last seen in March this year. Also falling one point are both personal financial situation over the last 12 months and general economic situation over the next 12 months.
“The largest drop though was in our view of the general economic situation over the last 12 months, down five points to -42. On the plus side, the major purchase index rose two points and future personal financial expectations by one point.
“As the Budget statement looms, consumers are in a despondent mood despite a fall in the headline rate of inflation. This month’s Consumer Confidence Barometer paints a picture of people holding their breath to see what’s in store for them on 30th October.”
