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UK consumer confidence continued to recover in September, rising for the third straight month, according to the latest data from GfK, a German market research company.
The organization’s long-running Consumer Confidence Index rose four points this month to -21, and four of the five auxiliary measures also gained from August. GfK issued a warning nonetheless, stating that “the reality is that consumer confidence remains suppressed, and the financial mood of the nation is still negative.”
The most recent positive results, however, were “the best best recorded showing since January 2022” and came “against the backdrop of falling inflation figures, growth in wages and high interest rates,” it added.
With numbers for the past year up two points at -13 and 15 points higher than this time last year, the overall consumer perception of their personal financial conditions “is registering marginal but welcome growth.” It has also increased by one point to -2 for the upcoming year, which is 38 points higher than it was at the same time last year.
The country’s overall economic position as of the last 12 months is measured at -47, up five points from September 2022 and about 25 points higher. Even though it’s still negative, expectations for the overall economic climate over the next 12 months have grown by six points to -30, an even better 44 points higher than in September 2022.
Joe Staton, Client Strategy Director GfK, said, “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.
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