Consumer sentiment rises slightly in October

GfK’s long-running 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. These are the current findings of the GfK Consumer Confidence Barometer (CCB) powered by NIM. The CCB has been published jointly by GfK and the Nuremberg Institute for Market Decisions (NIM), the founder of GfK, since October 2023.

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 28. 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.”