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GfK: UK Consumer Confidence Takes A Turn For The Worse

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  • Financial pulse of the nation drops for third month in a row

GfK’s long-running Consumer Confidence Index decreased four points to -17 in October. All measures were down in comparison to the September 24th announcement.

Joe Staton, Client Strategy Director GfK, says: “After six-months of robust recovery in the first half of 2021, UK consumer confidence has taken a turn for the worse with all vital signs weakening. For two consecutive months five sub-measures have decreased and the headline score has dropped three months in a row. The sharpest concern is how consumers see the future economy with this collapsing ten points this month just as it did in September. Against a backdrop of cheerless domestic news – fuel and food shortages, surging inflation squeezing household budgets, the likelihood of interest rate rises impacting the cost of borrowing, and climbing Covid rates – it is not surprising that consumers are feeling down-in-the mouth about the chilly winter months ahead. Worryingly for British retailing in the run-up to Christmas, there’s a further decline in the intention to make major purchases. The financial mood of the nation has changed and consumers could do with some strong tonic to lift their spirits.”

UK Consumer Confidence Measures – October 2021

The Overall Index Score decreased four points to -17 in October. All measures were down in comparison to the September 24th announcement.

Personal Financial Situation

The index measuring changes in personal finances over the last 12 months has dropped one point to -5; this is four points better than October 2020. 

The forecast for personal finances over the next 12 months has decreased four points to +1; this is only one point higher than this time last year.

General Economic Situation

The measure for the general economic situation of the country during the last 12 months is down three points at -46; this is 21 points higher than in October 2020. 

Expectations for the general economic situation over the coming 12 months have fallen by ten points to -26; but this is still 24 points higher than October 2020.

Major Purchase Index

The Major Purchase Index has decreased by four points to -10 in October; this is 17 points higher than it was this month last year.

Savings Index

The Savings Index has stayed the same at +22 in October; this is eight points higher than this time last year.

Source : GfK

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22 October 2021

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Thank you for the excellent presentation that you gave at Woodbury Park on Thursday morning. It was very interesting and thought-provoking for our Retail members. The feedback has been excellent.

Martin Elliott. Chief Executive - Home Hardware.

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