Six-point rise in consumer confidence in November

The index found that people’s perceptions of their personal finances during the past year was up three points at -16, an eight points increase on November 2022.

The forecast for personal finances over the next 12 months increased five points to -3, which is 26 points higher than this time last year.

Perceptions of the country’s economic situation during the last 12 months was up five points at -49, this is 18 points higher than in November 2022, while expectations for the general economic situation over the next year rose by six points to -26, 32 points above November 2022.

The major purchase index, which measures whether now is the right time for a major acquisition, was up 10 points to -24, 14 points higher than this month last year, while the savings index, which checks whether now is the best time to save money, is up four points at a positive score of 29 and eight points higher than this time last year.

The findings are based on a nationally representative survey of 2,000 UK adults carried out between 1st and 14th November.

Joe Staton, client strategy director at GfK, said: “Recent ups and downs in confidence have underlined the nation’s topsy-turvy economic mood as encouraging news about falling inflation and wage growth is offset by high personal taxation, alongside costly fuel and energy bills.

“Although the overall index score is still tracking firmly in negative territory, it is good to see that consumers are more optimistic about their personal financial situation. This shows people are thinking about their future with increased confidence and willingness to look beyond the short-term.

“Despite the acute cost-of-living pressures, many would still like to loosen their purse strings just a little so they can enjoy that feel-good factor we all associate with the festive season.”