GfK’s Consumer Confidence Index increased by two points to -17 in October. Four measures were up and one was down in comparison to last month’s announcement. The Major Purchase Index was up four points at -12, a nine-point improvement YoY.
Neil Bellamy, consumer insights director at GfK, an NIQ Company, says: “Consumer confidence registered a marginal increase in October. Buying sentiment is up on last month, with a four-point rise in our Major Purchase Index, which tracks consumers’ intentions to buy big-ticket items such as electrical goods and furniture. This uptick is partly driven by major retailer sales events held earlier in the month.
"After several years of high inflation, savvy consumers have adapted their purchasing strategies to make the most of their money when discounts are most attractive. Where possible, many now delay major purchases until one of these sales events – and the biggest of all is Black Friday, on November 28th. Both consumers and UK retailers will be watching closely to see whether the Chancellor’s Budget, to be announced just two days before Black Friday, boosts or dampens spending during that crucial weekend.”
