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UK Confidence continues to sit at historic low during November

UK consumer confidence clawed back three points in November as all measures increased, including big-ticket items.

According to the latest GfK Consumer Confidence Index, overall figures saw an increase by three points to -44 in November.

The Major Purchase Index, which includes big ticket items such as furniture, is up three points to -38; this is 35 points lower than this month last year.

The measure for the general economic situation of the country during the last 12 months is up two points at -67; this is 27 points lower than in November 2021.  

The index measuring changes in personal finances over the last 12 months went up four points to -24; this is 17 points worse than November 2021.

The Savings Index is up eight points this month at +21; this is six points better than this time last year.

Joe Staton, Client Strategy Director GfK, says: “Despite the three-point rise in confidence to -44 this month, and improvements in all measures registering the financial and economic mood of the nation, November’s Overall Index Score remains at a near historic low. This month’s fillip is likely to reflect nothing more than a collective sigh of relief as a new prime minister takes charge following the alarming fiscal antics we saw in September.

“This is not the end of the beginning. External factors have changed little and, with UK inflation recently hitting a new high, more bad news is inevitable. Household budgets remain shrouded in massive uncertainty with fresh jumps in food prices, energy still uncomfortably expensive, the prospect of new interest rate rises pressurising mortgage and rent payments, potential future hikes in council tax and squeezed real pay.

“Consumers are looking for a festive cocktail of certainty and optimism not this mishmash of austerity and pessimism. Good newsremains in short supply as many people struggle to manage the purse-strings during this protracted and painful cost-of-living crisis.”

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