United Kingdom Consumer Confidence

Last Release

Oct 31, 2024

Actual

-21

Units In

Points

-20

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
10 Jun 1987	-49 Sep 2022	-10.9 Points	1981-2024	GfK Group

In the United Kingdom, the consumer confidence survey measures the level of optimism that consumers have about the performance of the economy in the next 12 months. The GfK Consumer Confidence is derived from the survey of about 2,000 consumers which are ask to rate the relative level of past and future economic conditions including personal financial situation, climate for major purchases, overall economic situation and savings level.

Latest Updates

The GfK Consumer Confidence indicator in the United Kingdom fell slightly to -21 in October 2024 from -20 in September, hitting the lowest level in this year as potential tax increases in next week’s Budget weighed on households and businesses. The latest figure also matched forecasts and hit the same level as February and March. Three of the five components of the survey declined. Neil Bellamy, consumer insights director, said: "As the budget statement looms, consumers are in a despondent mood despite a fall in the headline rate of inflation.” Prime Minister Keir Starmer and Chancellor Rachel Reeves have previously warned about tax hikes in the upcoming budget to close the government’s funding gap. Meanwhile, latest figures indicated that a sharp slowdown in inflation and wage growth, prompting traders to bet on rate cuts from the Bank of England in November and December.