Consumer confidence improves ahead of Black Friday
There has been an uptick in consumer confidence in November as people put any concerns about the impact of last month’s budget announcement behind them.
GfK’s long running Consumer Confidence Index has seen its overall score rise by three points to -18.
Its index for the forecast for personal finances over the next 12 months has increased by one point at -1, which is two points higher than this time last year
Meanwhile, expectations for the general economic situation over the same period are up two points at -26, the same as November last year.
Neil Bellamy, consumer insights director, GfK, said: “There was evidence of nervousness in recent months as consumers contemplated the potentially worrying impact of the UK budget at home, and even the implications of the US presidential election. But we have moved past those events now.“
The biggest change has been seen in GfK’s major purchase index which has risen by five points to -16 in the run-up to Black Friday next week. This is an eight point increase on a year ago,
Bellamy said: “While 2025 is just around the corner and the New Year often brings optimism, it’s too early to expect significant further improvements in the consumer mood.
“As recent data shows, inflation has yet to be tamed, people are still feeling acute cost-of-living pressures, and it will take time for the UK’s new government to deliver on its promise of ‘change’.”
