2026 marks 10 years since consumer confidence was last in positive territory
Consumer confidence has risen slightly in January but remains stubbornly low, according to the latest data from GfK.
UK consumer confidence has risen slightly in the wake of Christmas trading, but 2026 marks 10 years since a positive score was last recorded.
While the GfK Consumer Confidence Barometer powered by NIM shows a slight improvement in January, with the overall index score up one point to -16, it remains firmly in negative territory.
However, this is a rise of six points compared to January 2025, when the score was -22.
Yet, despite the slight rise, consumers still “remain unconvinced about the wider economic outlook”.
Neil Bellamy, consumer insights director at GfK, says consumers are “more cautious but also more self reliant” and are “once again focusing on what they can control”, which he defines as their “own spending and saving”.
He says this echoes “periods of political and economic uncertainty, most notably in late 2022”.
“To many consumers, the UK economy is beginning to resemble an untethered boat drifting slowly out to sea,” he adds.
The strongest jump was seen in people’s personal financial situation over the next 12 months, up four points to six. This also marks an eight-point rise from this time last year.
Measures of personal finances over the last 12 months also rose by three points to -3 compared to last month. This is seven points higher than January 2025.
Additionally, the major purchase index rose by one point to -10 compared to last month, up 10 points from this time last year.
Yet Bellamy says these small growths are “offset by growing concerns about the economy”.
In terms of the general economic situation, measures decreased yet again.
The measure for the country’s general economic situation over the last 12 months decreased by five points to -45 compared to last month. This is one point better than January 2025.
Expectations for the general economic situation over the next 12 months are down two points to -31 compared to last month, yet this is three points better than January 2025.
Bellamy adds that we remain “a long way from consumers feeling that better days are around the corner”, with many “unconvinced” by the shape of the bigger picture.
“People feel they can manage their own finances, but they remain unconvinced about the wider economic outlook,” he says.
The savings index also increased four points to 28 compared to last month, yet is still two points lower than this time last year.
Though the savings index isn’t included in the overall index score, it echoes Bellamy’s thoughts on consumers focusing on their own saving and spending.
