GfK’s Consumer Confidence Index decreased six points to -31 in October. All measures decreased, a likely reaction to the Government's announcement on 25th September, which heralds the threat of a double-dip in UK consumer confidence, says GfK.
Joe Staton, GfK's client strategy director, says: “There’s a worrying threat of a double-dip in consumer confidence as concerns for our personal financial situation and even deeper fears over the state of the UK economy drag the index down six points this month. Despite low inflation and rock-bottom interest rates, a buoyant housing market and a raft of Government financial stimulus measures, the prospect of rising unemployment is severely depressing our outlook.
"Worryingly, this data was collected before the new round of Covid-19 restrictions came into force and the end of the furlough scheme, so this will negatively impact the index in the run-up to Christmas and the months beyond. Expect the autumn chill to give way to much stormier conditions.”
The Major Purchase Index decreased by six points to -27 in October – 28 points lower than it was in October 2019.