Consumer confidence edges up as shoppers prepare for Black Friday
The Major Purchase Index rose four points to -12, nine points higher than a year ago, while the Savings Index jumped seven points to +29, two points ahead of October 2024.
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Consumer confidence in the UK rose two points to -17 in October, according to the latest GfK Consumer Confidence Barometer, with four measures up and one down compared with September as buying sentiment was lifted by early retail sales events.
The monthly survey found that consumers were more positive about their personal finances and major purchases, while expectations for the wider economy remained subdued.
The index measuring changes in personal finances over the past year rose by two points to -5, a five-point improvement on October 2024. The forecast for personal finances over the next 12 months slipped one point to +3 but remained five points higher than a year ago.
Perceptions of the general economic situation over the past year climbed three points to -42, unchanged from October 2024. Expectations for the year ahead increased by two points to -30, though this remained two points lower than the same period last year.
The Major Purchase Index rose four points to -12, nine points higher than a year ago, while the Savings Index jumped seven points to +29, two points ahead of October 2024.
Neil Bellamy, Consumer Insights director at GfK, an NIQ Company, said: “Consumer confidence registered a marginal increase in October. Buying sentiment is up on last month, with a four-point rise in our Major Purchase Index, which tracks consumers’ intentions to buy big-ticket items such as electrical goods and furniture. This uptick is partly driven by major retailer sales events held earlier in the month.
“After several years of high inflation, savvy consumers have adapted their purchasing strategies to make the most of their money when discounts are most attractive. Where possible, many now delay major purchases until one of these sales events — and the biggest of all is Black Friday, on November 28. Both consumers and UK retailers will be watching closely to see whether the Chancellor’s Budget, to be announced just two days before Black Friday, boosts or dampens spending during that crucial weekend.”
