Consumer confidence remains constant for February

‘Expectations for the general economic situation’ saw the highest change in confidence caompared with last month, with an increase by four points to 3 – one point higher than this time last year.

But shoppers are most unsure about their savings, with the Savings Index decreasing by three points to -8.

Managing director of social research at GfK, Nick Moon, said: “The drop to -4 in December is looking more like a discrepancy. Other than that one month, the index has been at -1 plus or minus 2 for all of the last 11 months.

“Unless there is some dramatic change in the indicators that get media coverage, or people start feeling significantly better off as inflation edges towards 0, it is hard to see any major change between now and the election.”