UK consumer confidence tumbles in October, reversing prior gains
(Alliance News) - UK consumer confidence plummeted in October, falling back behind levels seen earlier this year.
GfK's long-running consumer confidence index fell 11 points in October, reversing a slow recovery in recent months. It now sits firmly deeper in negative territory at minus 24 points.
The index had previously seen three consecutive monthly increases.
All measures decreased compared to September's figures, but the largest declines were seen in the major purchase index - an indicator of confidence in buying big ticket items - and expectations for the general economy over the next 12 months. Both fell 14 points against September.
The savings index, which is not used in the overall index score, rose one point against September.
Neil Bellamy, consumer insights director at GfK, said: "There has been an extraordinary collapse in consumer confidence in October, down 11 points to minus 24. The last time we saw an 11-point drop was in July 2016, following the Brexit vote. In recent years, only the onset of the Covid pandemic saw a larger fall (down 25 points).
"With no single major economic event driving the decline, and with weakness seen across the full spectrum of income, age and gender demographic groups, these are damaging findings given the UK government’s priority of economic growth."
By Harvey Dorset, Alliance News reporter
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