Research was conducted between October 1-14, and the index measuring changes in personal finance over the past year recorded a shocking drop of two points to -9. In comparison to pre-pandemic times, this result was 10 points lower than recorded in October 2019. The prediction for the upcoming 12 months is down one point to zero, a point lower than the same month last year.
Taking a glance at the current state of the economy in general, we can observe a six-point fall in confidence to -67, which is an alarming 34 full points lower than what got recorded a year ago. Forecasting the next 12 months, confidence is down by a further 12 points to -50, meaning 13 points lower than last October.
Taking a look at the major purchase index, which records consumer intention to buy larger, more expensive goods like electrical equipment, that's down by six points to -27, which is 28 points lower than the measurement at the same time last year.
Client strategy director for GfK, Joe Staton, comments on the expectation stat specifically, calling it "worrying".
Staton also gives notice of a potential double-dip in consumer confidence in the UK, saying that many people face a struggle in the period leading up to Christmas, shrouded in uncertainty regarding possible increased restrictions and personal finance issues.
|"This is news we could do without at any time of year, but in the run-up to the traditional Christmas spending season it's a particularly unwelcome spectre at the feast".|