Consumer confidence increases to highest level since January 2022

25th September 2023

Consumer confidence in the UK rose to -21 in September, the best recorded since January 2022, according GfK’s latest Consumer Confidence Index.

The index measuring changes in personal finances during the last year is up two points at -13; this is 15 points better than September 2022. 

The forecast for personal finances over the next 12 months increased one point to -2, which is 38 points higher than this time last year.

All five measures were up in comparison to last month’s announcement.

Joe Staton, Client Strategy Director GfK, saidf “Against the backdrop of falling inflation figures, growth in wages and high interest rates, UK consumer confidence rose this month to -21, the best recorded showing since January 2022.”

“The view on our personal financial situation for the past year and the next is registering marginal but welcome growth, while expectations for the UK’s wider economy in the coming year show a more robust six-point increase. And with less than 100 shopping days to Christmas, the four-point boost to the major purchase measure might offer some hope to retailers, who know all too well that many people face financial pressure in the run-up to this year’s festive season. While this month’s improved headline score is good news, it’s important to note many households are still struggling with the cost-of-living crisis and that economic conditions are tough. The reality is that consumer confidence remains suppressed, and the financial mood of the nation is still negative.”