Consumer confidence in the UK slipped one point in October as consumers hold their breath ahead of the government’s upcoming Budget.
The overall index score for consumer confidence fell one point to -21 in October, according to the latest GfK Consumer Confidence Barometer.
Three indexes measuring consumer confidence were down and two were up compared with last month.
The index measuring consumers’ confidence in their personal financial situation over the past 12 months was down by one point to -10.
When looking ahead to the next 12 months, the personal financial situation index was up one point to -2, which was six points higher than this time last year.
Consumer confidence in the general economic situation over the past 12 months was down by five points to -42 and fell one point to -28 when looking at the next 12 months.
The major purchase index was up by two points to -21, while the savings index over the next 12 months increased four points to 27, remaining two points higher than this time last year.
GfK consumer insights director Neil Bellamy said: “Consumer confidence fell one point this month to -21, taking the score back down to the level last seen in March this year. Also falling one point are both personal financial situation over the last 12 months and general economic situation over the next 12 months.
“The largest drop though was in our view of the general economic situation over the last 12 months, down five points to -42. On the plus side, the major purchase index rose two points and future personal financial expectations by one point.
“As the Budget statement looms, consumers are in a despondent mood despite a fall in the headline rate of inflation. This month’s Consumer Confidence Barometer paints a picture of people holding their breath to see what’s in store for them on October 30.”
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