Consumer confidence down in January

Of the five measures included in the score, the index tracking changes in personal finances over the past year was the only one to increase in the past month, up one point to -8.

Expectations for personal finances in the next 12 months dropped by one point to +2.

Joe Staton, client strategy director at GfK, said: “Despite the widespread anticipation of a ‘return to normal’ with the ramp-up of the vaccination programme, it is too early to deliver a jolt in the arm to UK consumer confidence.”

The measure for the general economic situation also decreased both for the previous 12 months (down two points to -67 ) and the year ahead (a decline of nine points to -44 ).

Staton said: “Our view of the general economic situation still makes for grim reading, especially expectations for the coming year, which shows a nine-point drop. This continues to suppress the overall index, which is further dampened by a weak major purchase score, as reflected in retail sales figures across the country.”

The major purchase index, which tracks people’s views on whether it’s a good time to be making large purchases, also declined by two points in January.

All measures are lower than they were in January 2020.

The UK Consumer Confidence Barometer is conducted monthly by GfK among a sample of 2,000 individuals. Interviewing for the latest report was conducted 4^th-13^th January.