Consumer confidence increased by three points to reach -14 in November, GfK’s Consumer Confidence Index reveals.
The long-running index shows that four measures of confidence rose in November and one was down compared to October’s figures.
Joe Staton, Client Strategy Director at GfK, said: “Headline consumer sentiment has ticked upwards this month despite decade-high inflation, fears of higher prices and worries over rising interest rates, and as the deepening cost-of-living squeeze leaves UK household finances worse off this winter. The view on the general economic situation over the past year and year to come is better this month, but consumers are less buoyant on their personal finances. This weakness is important as it reflects day-to-day plans to save or spend and is a strong driver of overall UK economic growth.
“However, one highlight for both physical and virtual retail is the seven-point jump in major purchase intentions in the run-up to Black Friday and Christmas. Is this a sign that shoppers are ready to bounce back, after last year’s cancelled family gatherings, with a Christmas splurge in coming weeks? That’s how it looks but consumers also know that when the festivities are over it’s going to be a tough year in 2022.”
This month’s survey was conducted among a sample of 2,000 individuals aged 16 and over.
