Consumer confidence in the UK increased over January, according to the latest research from Growth from Knowledge (GfK).
The research group’s Consumer Confidence Index has increased two points to –9 during the month, as four measures increased and one measure decreased.
The Personal Financial Situation index, which measures changes in personal finance, increased by four points to 1, which is one point higher than January 2019.
The forecast for personal finances over the next 12 months also increased by three points to 6, which is five points higher than January 2019.
The General Economic Situation increased three points this month to -28, which is seven points higher than the year prior. Expectations for the general economic situation over the next 12 months also increased three points to -24, which was 15 points higher year-on-year.
Although the Major Purchase Index decreased two points in January to 1, the Savings Index increased two points to 20, six points higher than January last year.
Joe Staton, client strategy director at GfK, said: “The first month of 2020 has given us a mini Boris-bounce with a two-point increase in our Consumer Confidence headline score.
“While January marks four years of the Index failing to penetrate positive territory, we now have two consecutive months of improvement. This is good news.”
He added: “The latest measures concerning our personal financial situation for the last and next 12 months are encouragingly healthy and positive, as is the improvement in our view of the wider economic picture for the UK.
“The Major Purchase Index is the only measure to decline this month, reflecting January’s seasonal post-Christmas empty-wallet feeling, and further impacting the longer-term contraction and sluggishness experienced across the retail sector.”