The consumer confidence index, published jointly with Nuremberg Institute for Market Decisions, found that perceptions of respondents’ personal financial situation over the past year was up three points to -3, and up seven points from a year ago.

Expectations for personal finances over the year ahead was also up four points and at a positive score of six.

However, measures for the general economic situation were both down, with those looking at the past year down five points to -45 and dropping two points for the next 12 months to -31.

The major purchase index, which considers whether now is a good time for a major purchase, rose a single point to -10, compared with -20 in January 2025, and the savings index increased four points to a positive score of 28.

The index is based on a survey of 2.002 UK adults carried out between 2^nd and 15^th January.

Neil Bellamy, consumer insights director at GfK, said: “January 2026 brings an unwanted anniversary, marking 10 years since consumer confidence was last in positive territory. Even with a one-point increase in headline confidence this month to -16, we remain a long way from consumers feeling that better days are around the corner.

“Consumers are once again focusing on what they can control – their own spending and saving – while confidence in the wider economy remains low. To many consumers, the UK economy is beginning to resemble an untethered boat drifting slowly out to sea.”