Consumer confidence has dropped two points in November to -19, according to the latest GfK Consumer Confidence Index published today.

The study showed a worsening picture as all five measures in the Consumer Confidence Barometer powered by NIM fell ahead of the Budget.

Neil Bellamy, consumer insights director at GfK, said: “This is a bleak set of results as we head towards next week’s Budget. A fall across all five measures suggests the public is bracing for difficult news, with little in the current climate to lift expectations.”

The index measuring changes in personal finances over the last year fell by two points to -7. That is two points higher than November 2024.

The forecast for personal finances over the next 12 months is down two points to 1. That is an improvement of two points compared to this time last year.

The measure of the country's general economic situation over the last 12 months declined by one point to -43. That is a four-point decline compared to November 2024.

Expectations for the general economic situation over the next 12 months fell two points to -32. That is six points worse than November 2024.

The Major Purchase Index fell three points to -15.

The Savings Index slumped five points to 24, placing it on a par with its position a year ago. That measure is not included in the overall index score. 

Source: GFK

Mr Bellamy said the continued erosion of confidence is evident in the forward-looking measures for both Personal Financial Situation and the General Economic Situation, which are each down by two points.

The three-point drop in the Major Purchase Index is also troubling at this time of year, he said, suggesting households are tightening their grip just as retailers move into a crucial trading period.

Mr Bellamy said: “In such conditions, the Budget offers a timely chance to provide the clarity and reassurance that consumers are struggling to find on their own.”

The Consumer Confidence Barometer has been published jointly by GfK and the Nuremberg Institute for Market Decisions (NIM), the founder of GfK, since October 2023. This month’s survey was conducted among a sample of 2,003 individuals aged 16+ in the UK.