// Consumer confidence rose in November as shoppers began spending in the run-up to Black Friday and Christmas
// GfK’s long-running Consumer Confidence Index increased three points to minus 14 in November
Consumer confidence crept up in November as shoppers put aside concerns about soaring inflation to spend in the run-up to Black Friday and Christmas, figures show.
GfK’s long-running Consumer Confidence Index increased three points to -14 in November following a three-month downturn.
GfK client strategy director Joe Staton said: “Headline consumer sentiment has ticked upwards this month despite decade-high inflation, fears of higher prices and worries over rising interest rates, and as the deepening cost-of-living squeeze leaves UK household finances worse off this winter.”
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“This weakness is important as it reflects day-to-day plans to save or spend and is a strong driver of overall UK economic growth. However, one highlight for both physical and virtual retail is the seven-point jump in major purchase intentions in the run-up to Black Friday and Christmas.”
“Is this a sign that shoppers are ready to bounce back, after last year’s cancelled family gatherings, with a Christmas splurge in coming weeks? That’s how it looks but consumers also know that when the festivities are over it’s going to be a tough year in 2022.”
The index measuring the forecast for people’s personal finances over the next 12 months has increased by one point to 2 this month, while the measure for expectations for the general economic situation over the same period has improved by three points to -23.
Meanwhile, GfK’s major purchase index has risen by seven points to -3 in November.
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