Consumer confidence on the rise

Consumer confidence has risen by two points in the past month, according to latest figures by GfK.

The figures still leave the index in negative territory with consumer confidence at –17, but expectations for the general economy over the next 12 months increased by two points. There was also an increase in consumers purchasing big-ticket items, which rose by four points,

Four measures were up and one was down in comparison to last month’s announcement.

Neil Bellamy, Consumer Insights Director at GfK, an NIQ Company, said “Consumer confidence registered a marginal increase in October. Buying sentiment is up on last month, with a four-point rise in our Major Purchase Index, which tracks consumers’ intentions to buy big-ticket items such as electrical goods and furniture. This uptick is partly driven by major retailer sales events held earlier in the month.

“After several years of high inflation, savvy consumers have adapted their purchasing strategies to make the most of their money when discounts are most attractive. Where possible, many now delay major purchases until one of these sales events — and the biggest of all is Black Friday, on November 28. Both consumers and UK retailers will be watching closely to see whether the Chancellor’s Budget, to be announced just two days before Black Friday, boosts or dampens spending during that crucial weekend.”