Consumer confidence in the UK increased slightly this month as people felt more positive about the economy. However, they were less optimistic about their personal finances and are holding back on major purchases.
GfK’s Consumer Confidence Index increased by one point to -19, with two of the measures up, two down, and one unchanged compared to last month:
Neil Bellamy, Consumer Insights Director at NIQ GfK, commented: “Since September last year, the headline figures has been in a range of -17 to -22. This is more positive than mid-2022 into early 2023 at the height of the cost-of-living crisis, which delivered the worst headline scores ever, including nine months at -40 or worse. But we are still below the long-term average of -10.
“If consumer confidence were a patient languishing in a hospital bed, a doctor would say there is little evidence of a recovery as yet. Where do we go from here? The current stability is to be welcomed, but it won’t take much to upset the fragile consumer mood.”
