UK consumer confidence rose in February as all measures were up during the month.
According to the latest GfK Consumer Confidence Index, overall figures increased by two points to -20 in February. All measures were up in comparison to last month’s announcement.
The Major Purchase Index, which includes big ticket items such as furniture, is up three points to -17; this is eight points better than this month last year.
The measure for the general economic situation of the country during the last 12 months is up two points to -44; this is one point lower than in February 2024.
The index measuring changes in personal finances during the last year is up three points at -7; this is seven points better than February 2024.
The Savings Index stayed at +30 in February; this is one point higher than this time last year.
Neil Bellamy, Consumer Insights Director, NIQ GfK, says: “In contrast to last month when all five core measures were down, this month they are all up. The biggest improvement is in how consumers see their personal finances for the coming year with an increase of four points that takes this measure out of negative territory to +2.
“The Bank of England interest rate cut on February 6th will have brightened the mood for some people, but the majority are still struggling with a cost-of-living crisis that is far from over. Prices are still rising above the Bank of England’s target; gas and electricity bills remain a challenge for many households.
“So, it’s no surprise that consumer views on the general economic situation are still lower than 12 months ago, suggesting that people don’t expect the economy to show any dramatic signs of improvement soon. Politicians looking for bright spots on the horizon will be disappointed.”
