GfK: Consumer Confidence Drops 11 Points in October

• Drop of this magnitude not seen since July 2016 Brexit vote

GfK’s long-running Consumer Confidence Index was down 11 points to -24 in October. All measures decreased compared to last month’s announcement. These are the latest findings from the GfK Consumer Confidence Barometer (CCB), powered by NIM. The CCB has been published jointly by GfK and the Nuremberg Institute for Market Decisions (NIM), the founder of GfK, since October 2023.

Neil Bellamy, Consumer Insights Director at GfK, an NIQ Company, says:

“There has been an extraordinary collapse in consumer confidence in October, down 11 points to -24. The last time we saw an 11-point drop was in July 2016, following the Brexit vote. In recent years, only the onset of the COVID pandemic saw a larger fall (down 25 points). While all measures are lower, the two largest decreases are in expectations for the wider UK economy in the coming year and the intention to make major purchases, both slumping by 14 points. With no single major economic event driving the decline, and with weakness seen across the full spectrum of income, age and gender demographic groups, these are damaging findings given the UK government’s priority of economic growth. The measures on personal finances looking back 12 months and ahead a year are also down, by seven and eight points respectively. Relentless cost-of-living pressures, against an international backdrop of unresolved regional conflicts that are themselves contributing to domestic inflation now at 3.5%, appear to have swept aside the nascent optimism we saw following the appointment of a new UK prime minister this summer. Headline consumer confidence is now back to the level seen in April, May and June of this year and the summer’s buoyant mood has evaporated. The speed of this deterioration is alarming.”

GfK Consumer Confidence Barometer powered by NIM — UK Measures – October 2026

The Overall Index Score was down 11 points to -24 in October. All measures decreased compared to last month’s announcement.

Personal Financial Situation
The index measuring changes in personal finances over the last 12 months has decreased seven points to -10. This is five points lower than October 2025.

The forecast for personal finances over the next year is down eight points at -3. This is six points lower than this time last year.

General Economic Situation
The measure for the country’s general economic situation over the last 12 months has decreased by 12 points to -48. This is six points worse than a year ago.

Expectations for the general economic situation over the coming 12 months have declined by fourteen points to -36. This is six points below October last year.
 
Major Purchase Index
The Major Purchase Index fell 14 points to -22 in October, down ten points from October last year.

Savings Index
The Savings Index is up one point to +28, one point lower than this time last year. This measure is commented on but not included in the Overall Index Score. 

Source : GfK - An NIQ Company

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