UK consumer sentiment weakens ahead of Budget - GfK
By Abigail Townsend
Date: Friday 21 Nov 2025
(Sharecast News) - UK consumer confidence weakened ahead of the Budget, a long-running survey showed on Friday, as households braced for possible bad news.
The latest GfK consumer confidence barometer came in at -19, down two points on October.
All measures were lower. Expectations for personal finances shed two points to 1, while the outlook for the economy also lost two points, at -32.
The major purchase index was off three points at -15, as nervous shoppers put off splashing out on big ticket items.
The savings index, which is not used in the overall score, was also lower, falling five points to 24.
Neil Bellamy, consumer insights director at GfK, said: "This is a bleak set of results as we head towards next week's Budget.
"A fall across all five measures suggests the public is bracing for difficult news, with little in the current climate to lift expectations."
Chancellor Rachel Reeves is due to present her Budget on 26 November.
She is battling numerous headwinds, including sluggish economic growth, soaring government spending and mounting debt.
Speculation about what the Budget will contain has been rife, much of it fuelled by various at times seemingly contradictory leaks from the Treasury. The ensuing uncertainty, including whether or not taxes will go up, has caused many consumers to pause spending.
Bellamy said: "The three-point drop in the major purchase index is troubling at this time of year, suggesting households are tightening their grip just as retailers move into a crucial trading period.
"In such conditions, the Budget offers a timely chance to provide the clarity and reassurance that consumers are struggling to find on their own."
The study, which has been published jointly by GfK and the Nuremberg Institute for Market Decisions since 2023, has been running since 1974.
Data for the most recent barometer was collected between 30 October and 14 November, from a sample of 2,003 individuals age 16 and over.
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