NEWS18 November 2022

Slight rise in UK consumer confidence registered

Cost of Living News Trends UK

UK – Consumer confidence rose three points in November but remains in deeply negative territory, according to GfK’s latest consumer confidence index.

Wooden house and downwards economic chart

The index, which is based on a survey of 2,000 people carried out between 1st and 11th November, rated consumer confidence at -44, which was after the accession of Rishi Sunak as prime minister but before the Autumn Statement.

All of the individual measures in the index were up from October, with respondents rating their personal financial situation over the last year at -24, a four-point increase.

Personal financial situation for the next 12 months was up five points to -29, according to the index.

Respondents rated the general economic situation over the past year at -67, a two-point rise on October, and put the economic situation for the year ahead three points higher at -58.

The major purchase index, which measures whether now is a good time to make a major purchase, was up three points to -38.

The savings index, which examines whether it is currently a good time to save money, rose eight points to a positive score of 21.

Joe Staton, client strategy director at GfK, said: “This month’s fillip is likely to reflect nothing more than a collective sigh of relief as a new prime minister takes charge following the alarming fiscal antics we saw in September.

“This is not the end of the beginning. External factors have changed little and, with UK inflation recently hitting a new high, more bad news is inevitable.

“Household budgets remain shrouded in massive uncertainty with fresh jumps in food prices, energy still uncomfortably expensive, the prospect of new interest rate rises pressurising mortgage and rent payments, potential future hikes in council tax and squeezed real pay.”

@RESEARCH LIVE

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