NEWS22 September 2023

Consumer confidence increases in September

Cost of Living News UK

UK – UK consumer confidence has risen four points to -21 in September, its best performance since January 2022, with the cost-of-living crisis still hitting consumers, according to GfK’s Consumer Confidence Index.


The index found that the measure for people’s personal financial situation over the past 12 months was up two points to -13, while the outlook for personal finances was up one point to -2.

Perceptions of the general economic situation over the past year also rose, up five points to -47, while outlook for the next 12 months increased six points to -24.

The major purchase index, which measures whether now is a good time to make a major purchase, rose four points to -20.

The savings index, which looks at whether now is a good time to save money, stayed at a positive score of 27.

The scores are based on a nationally representative survey of 2,001 people between 1st and 13th September, with scores above nought indicating a positive outlook.

Joe Staton, client strategy director at GfK, said: “With less than 100 shopping days to Christmas, the four-point boost to the major purchase measure might offer some hope to retailers, who know all too well that many people face financial pressure in the run-up to this year’s festive season.

“While this month’s improved headline score is good news, it’s important to note many households are still struggling with the cost-of-living crisis and that economic conditions are tough. The reality is that consumer confidence remains suppressed, and the financial mood of the nation is still negative.”