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Consumer confidence plummets to lowest level in a year

Consumer confidence plummets to lowest level in a year

Consumer confidence plunged across all metrics in January, pushing the index to lows not seen since the end of 2023.

The GfK consumer confidence report recorded a five point decline in its overall index score to -22 for the month, putting it beyond the one point fall which was expected.

The index measuring changes to personal finances over the past year slipped three points to -10, while changes to personal finances over the next year also fell three points to -2, according to the market research company.

General economic situation over the past year plummeted seven points to -46, and general economic situation over the next 12 months also sunk eight points to -34.

The firm also reported the major purchase index decreased four points to -20.

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GfK consumer insights director Neil Bellamy said: “New year is traditionally a time for change, but looking at these figures, consumers don’t think things are changing for the better.

“This month’s results show a decline in all five measures that make up the overall index score.

“There are particularly steep falls in consumer views on the wider UK economy, both looking back a year (down seven points) and at what’s in store for the next 12 months (eight points lower).”

“These figures underline that consumers are losing confidence in the UK’s economic prospects.

“While the savings index on motivation to save money is not included in the calculation of the overall index score, it’s notable that it has leapt nine points in January to +30.

“This sharp increase is unwelcome because it’s another sign that people see dark days ahead and are therefore thinking of putting money aside for safety.”

The report follows subdued consumer confidence ahead of Christmas, as the public remained cautious about the “continuing uncharitable view on the UK’s general economic situation”.

The consumer confidence index grew by one point to -17 in December, as forecasts for personal finances moved into positive figures at one to three points higher than the same time the previous year.

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