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The consumer confidence index increased three points in November up to -44, but it still remains close to a historic low according to data from Growth from Knowledge (GFK).
The overall index score has been steadily rising since September when it was -49. The score was -47 for October. However, the current level is still a long way behind the score of November 2021 which was -14.
The indices measuring personal finance situations from the last 12 months and the next 12 months both rose, with the last 12 months rising 4 points to -12 and the next 12 months rising five points to -29.
The measure for the general economic situation of the country during the last 12 months was up two points at -67 but still 27 points lower than in November 2021. Expectations for the situation over the next 12 months have improved by three points to -58, but still remains 35 points lower than November 2021.
The major purchase index was also up three points to -38; this is 35 points lower than this month last year.
In contrast the savings index also rose eight points to +21 which is six points higher than the previous year.
Joe Staton, client strategy director, said: “Despite the three-point rise in confidence to -44 this month, and improvements in all measures registering the financial and economic mood of the nation, November’s Overall Index Score remains at a near historic low.
“This month’s fillip is likely to reflect nothing more than a collective sigh of relief as a new prime minister takes charge following the alarming fiscal antics we saw in September. This is not the end of the beginning. External factors have changed little and, with UK inflation recently hitting a new high, more bad news is inevitable. “
Staton added: “Household budgets remain shrouded in massive uncertainty with fresh jumps in food prices, energy still uncomfortably expensive, the prospect of new interest rate rises pressurising mortgage and rent payments, potential future hikes in council tax and squeezed real pay.
“Consumers are looking for a festive cocktail of certainty and optimism not this mishmash of austerity and pessimism. Good news remains in short supply as many people struggle to manage the purse-strings during this protracted and painful cost-of-living crisis.”
