UK consumer confidence declined in October as all measures fell, including big-ticket items, which plunged by 14 points in run-up to festive season.

According to the latest GfK Consumer Confidence Index, overall figures saw a decrease by nine points to -30 in October 2023.

The Major Purchase Index, which includes big ticket items such as furniture, is down 14 points to -34; this is seven points higher than this month last year.

The measure for the general economic situation of the country during the last 12 months is down seven points at -54; this is 15 points higher than in October 2022. 

The index measuring changes in personal finances during the last year is up down six points at -19; this is nine points better than October 2022.

The Savings Index is down two points at +25; this is 12 points higher than this time last year.

Joe Staton, Client Strategy Director, GfK, says: “UK consumer confidence has fallen nine points this month to -30 and takes us back to where we were in July this year. This sharp fall underlines that the cost-of-living crisis, and simply not having enough money to make-ends-meet, are still exerting acute pressure for many consumers.

“The fierce headwinds of meeting the accelerating costs of heating our homes, filling our petrol tanks, coping with surging mortgage and rental rates, a slowing jobs market and now the uncertainties posed by conflict in the Middle East, are all contributing to this growing unease.

“The timing of the sharp drop in our major purchase measure – down 14 points – will concern retailers across the land in the run-up to Christmas. The volatility we are seeing in consumer confidence is a sure sign of a depressed economic mood and there’s no immediate prospect of any improvement.”