UK consumer confidence tumbles in October - GfK

UK consumer confidence tumbled in October amid growing concerns about the state of the economy and the impact of the coronavirus pandemic, according to a survey released on Friday.

GfK’s long-running consumer confidence index fell six points to -31, with all five measures of the index down compared to September.

The index tracking people’s financial situation over the last 12 months edged down two points to -9, while the gauge tracking their situation over the next year dipped one point to zero.

The index for the general economic situation over the last 12 months fell six points to -67 and the gauge for the general situation in the next year declined by 12 points to -50.

The major purchase index was down six points to -27.

Joe Staton, client strategy director at GfK, said: "There’s a worrying threat of a double-dip in consumer confidence as concerns for our personal financial situation and even deeper fears over the state of the UK economy drag the index down six points this month.

"Despite low inflation and rock-bottom interest rates, a buoyant housing market and a raft of Government financial stimulus measures, the prospect of rising unemployment is severely depressing our outlook.

"Worryingly, this data was collected before the new round of Covid-19 restrictions came into force and the end of the furlough scheme, so this will negatively impact the Index in the run-up to Christmas and the months beyond. Expect the autumn chill to give way to much stormier conditions."