UK consumer confidence increases in September

GfK’s long-running Consumer Confidence Index increased two points to -12 in September.

Joe Staton, Client Strategy Director at GfK, said: “More mixed signals this month as consumers continue to feel less than positive about the state of their personal finances and the general economy. Yes, all sub measures are higher, but they are anaemic in the case of our purchase intentions and how we view our wallets, while the results on the wider economy are still depressed.

“Since the Brexit referendum we have witnessed a long succession of negative Overall Index scores with the overall trend downwards. This month, British consumers appear to be treading water during this wait-and-see run up to 31 October.

“Confidence is an important indicator which typically increases as the economy expands and decreases when the economy contracts and so far, consumer confidence is holding up. We certainly have a long way to go to match the record low headline score of -39 witnessed during the early days of the last recession. But will it stay that way? You can almost sense people are keeping their fingers crossed.”

All five measures for GfK’s UK Consumer Confidence data increased in September.

Personal Financial Situation: The index measuring changes in personal finances during the last 12 months has increased by three points this month to +2; this is one point higher than September 2018. 

The forecast for personal finances over the next 12 months increased by two points to +4 this month; this is one point lower than September 2018.

General Economic Situation: The measure for the general economic situation of the country during the last 12 months has increased two points this month to -32; this is four points lower than in September 2018. 

Expectations for the general economic situation over the next 12 months have increased three points to -35; this is eight points lower than September 2018. 

Major Purchase Index: The major purchase index increased two points in September to +3; this is three points lower than in September 2018.

Savings Index: The savings index has increased two points in September to +23; this is ten points higher than at this time last year.