January marks 10 years of negative UK consumer confidence - GfK
By Michele Maatouk
Date: Friday 23 Jan 2026
(Sharecast News) - UK consumer confidence was little changed in January and has now been in negative territory for the last 10 years, according to a survey released on Friday by GfK.
GfK's long-running consumer confidence index ticked just one point higher from December to -16, with three of the five measures up, and two down.
The index measuring changes in personal finances over the last 12 months was -3 in January, up from -6 the month before, while the index measuring personal finance expectations over the next year rose to 6 from 2.
The index for the general economic situation over the last year fell five points to -45 in January, while the index for the general economic situation over the next 12 months declined by two points to -31.
The major purchase index was -10 in January, versus -11 a month earlier, while the savings index - which is not used in the overall index score - rose four points to 28.
Neil Bellamy, consumer insights director at GfK, an NIQ company, said: "January 2026 brings an unwanted anniversary, marking 10 years since consumer confidence was last in positive territory. Even with a one-point increase in headline confidence this month to -16, we remain a long way from consumers feeling that better days are around the corner. Yes, perceptions of personal finances have improved, but this is offset by growing concerns about the economy.
"We've seen this pattern before. During periods of political and economic uncertainty - most notably in late 2022 - consumers became more cautious but also more self-reliant. What we're witnessing now is a return to that mindset: people feel they can manage their own finances, but they remain unconvinced about the wider economic outlook.
"Let's be clear - this isn't optimism; it's resilience. Consumers are once again focusing on what they can control - their own spending and saving - while confidence in the wider economy remains low. To many consumers, the UK economy is beginning to resemble an untethered boat drifting slowly out to sea."
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