The index found that while still in negative territory at -38, all five consumer confidence measures were up in February compared with the previous month.

This included a five-point rise to -26 in consumers’ confidence in their personal financial situation over the previous year and a nine-point rise to -18 in their outlook for their own finances for the year ahead.

There was also increased optimism over the nation’s economic outlook, with perceptions of the general economic situation over the previous 12 months up six points, albeit remaining in deeply negative territory at -65.

The economic outlook for the year ahead was also considerably rosier, with an 11-point increase to -43.

The major purchase index, which measures whether now is a good time for a significant purchase, was up three points to -37, while the savings index, which measures whether the current time is ideal for saving money, also rose five points to a positive score of 19.

The results are based on a survey of 2,000 adults in the UK carried out between 1st and 13th February 2023.

Joe Staton, client strategy director at GfK, said: “While it’s too early to talk about ‘green shoots of recovery’, the uptick across all measures should be welcomed.

But what’s happening? Are people simply fed up with hearing bad news? Do they see a milder recession than the pundits predicted? Do they sense the most worrying phase of the energy crisis is over?

“The headline consumer confidence score is still severely depressed and the mood as well as the economy remain a long way off pre-lockdown levels, but a little consumer resilience might be what we need to soften any downturn in 2023.”