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United Kingdom Consumer Confidence October 2022

United Kingdom: Consumer confidence rises in October but stays depressed

Consumer confidence came in at minus 47.0 in October, up from September’s minus 49.0. Consequently, the index remained below the 0-point threshold, indicating that consumers were pessimistic.

October’s reading was driven by consumers’ improved views regarding their personal financial situation over the next year, and the general economic situation over the past 12 months and the next year.

Regarding the reading, Joe Staton, GfK’s client strategy director, stated:

“Households are not just running scared of burgeoning energy and food prices, and the prospect of further base rate rises increasing mortgage costs. They are now facing the likelihood of tax rises and even austerity measures. For ordinary consumers, this web of uncertainty and turmoil amounts to a ‘new abnormal’. The negative environment will deflate future spending plans.”

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