November 28, 2022
All measures up but Overall Index Score still near historic low
GfK’s long-running Consumer Confidence Index increased three points in November to -44. All measures were up in comparison to the October 21st announcement.
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 news remains in short supply as many people struggle to manage the purse-strings during this protracted and painful cost-of-living crisis.”
UK Consumer Confidence Measures – November 2022
The Overall Index Score increased three points in November to -44. All measures were up in comparison to the October 21st announcement.
Personal Financial Situation
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 forecast for personal finances over the next 12 months has increased five points to -29; this is 31 points lower than this time last year.
General Economic Situation
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.
Expectations for the general economic situation over the coming 12 months have improved by three points to -58, although this is still 35 points lower than November 2021.
Major Purchase Index
The Major Purchase Index is up three points to -38; this is 35 points lower than this month last year.
Source: GfK UK
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