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United Kingdom Consumer Confidence September 2023

United Kingdom: Consumer confidence rises to over one-year high but remains in negative territory in September

Consumer confidence came in at minus 21.0 in September, up from August’s minus 25.0. September’s result marked the strongest sentiment since January 2022. Despite the uptick, the index remained entrenched below the 0-point threshold, indicating pessimism among consumers.

Consumers’ views of their personal financial situation, the general economic situation and their willingness to make major purchases all improved in September. Over Q3 as a whole though, consumer sentiment remained downbeat, which is likely to translate into muted private spending in the period.

Joe Staton, client strategy director at GfK, said:

“While this month’s improved headline score is good news, it’s important to note many households are still struggling with the cost-of-living crisis and that economic conditions are tough. The reality is that consumer confidence remains suppressed, and the financial mood of the nation is still negative.”

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