Consumer confidence slumps in January - GfK
Consumer confidence fell sharply as the new year got underway, a long-running survey showed on Friday.
24 January 2025 07:01:34
Source: Sharecast
The latest consumer confidence index from GfK came in at -22, a five-point drop on December and three points lower than January 2023.
Within that, expectations for personal finances in the coming year dropped back into negative territory, losing three points to -2.
Respondents were similarly gloomy about prospects for the wider economy, with the sub-index sliding eight points to -34.
Spending was also shelved in favour of saving. The major purchase index lost four points to -20 while the savings index jumped nine to 30.
Neil Bellamy, consumer insights director at NIQ GfK, said: "New Year is traditionally a time for change, but looking at these figures, consumers don’t think things are changing for the better.
"These figures underline that consumers are losing confidence in the UK’s economic prospects."
He added that the sharp increase in saving intentions was "unwelcome, because it’s another sign that people see dark days ahead and are therefore thinking of putting money aside for safety".