27 Jan 2025
Confidence amongst consumers in the UK economy has fallen to its lowest point in over a year, according to data published by market research firm GfK.
Data for January shows that overall consumer confidence has dropped by five points from December to -22. The latest figure is the lowest since December 2023.
GfK's index measuring changes in personal finances is also down by three points to -10, and the measure for the UK's general economic situation is down by seven points to -46.
The Major Purchase Index is down by four points to -20, which is the same as January 2024.
Neil Bellamy, Consumer Insights Director at NIQ GfK, commented: '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.'