UK consumer confidence has fallen again in October. GfK’s long-running Consumer Confidence Index decreased by four points to -17 in October. All measures were down in comparison to the September figures.
Two thousand individuals aged 16 or above took part in the survey for the October report, with quotas imposed on age, sex, region and social class to ensure the final sample was representative of the UK population as a whole.
Commenting on the latest results, Joe Staton, client strategy director GfK, said: “After six months of robust recovery in the first half of 2021, UK consumer confidence has taken a turn for the worse with all vital signs weakening. For two consecutive months, five sub-measures have decreased and the headline score has dropped three months in a row.”
Cheerless domestic news
He added: “The sharpest concern is how consumers see the future economy with this collapsing ten points this month just as it did in September. Against a backdrop of cheerless domestic news – fuel and food shortages, surging inflation squeezing household budgets, the likelihood of interest rate rises impacting the cost of borrowing, and climbing Covid rates – it is not surprising that consumers are feeling down-in-the mouth about the chilly winter months ahead.”
“Worryingly for British retailing in the run-up to Christmas, there’s a further decline in the intention to make major purchases. The financial mood of the nation has changed and consumers could do with some strong tonic to lift their spirits.”