UK consumer confidence tumbles - GfK
By Abigail Townsend
Date: Friday 20 Oct 2023
(Sharecast News) - Consumer confidence fell sharply in October, a closely-watched survey showed on Friday, as growing economic uncertainty weighed heavily.
The GfK UK Consumer Confidence Index fell nine points to -30 in October, reversing two months of improving scores.
Within that, the steepest drop was seen in the major purchase index, which tumbled 14 points to -34.
Expectations for personal finances for the next 12 months fell by six points to -8, while expectations for the general economic situation slipped eight points to -32.
Joe Staton, client strategy director at GfK, said: "This sharp fall underlines that the cost of living crisis, and simply not having enough money to make ends meet, are still exerting acute pressure for many consumers.
"The fierce headwinds of meeting the accelerating costs of heating our homes, filling our petrol tanks, coping with surging mortgage and rental rates, a slowing jobs market and now the uncertainties posed by conflict in the Middle East, are all contributing to this growing unease.
"The volatility we are seeing in consumer confidence is a sure sign of a depressed economic mood and there's no immediate prospect of any improvement."
He added that the fall in the major purchase index would be a particular concern for retailers looking ahead to the crucial festive shopping season.
GfK's research was carried out between 1 and 13 September, with 2,000 people aged 16 and over surveyed.
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