Consumer confidence increased seven points in February to -38, new data reveals.
GfK’s long-running Consumer Confidence Index shows all five measures were up in comparison to January’s figures.
Joe Staton, Client Strategy Director at GfK, said: “Despite widely reported headwinds of inflation continuing to outstrip wage rises, and the ongoing household challenge from the cost-of-living crisis, consumers have suddenly shown more optimism about the state of their personal finances and the general economic situation, especially for the coming year. While it’s too early to talk about ‘green shoots of recovery’, the uptick across all measures should be welcomed.”
Staton added: “The headline consumer confidence score is still severely depressed and the mood, as well as the economy, remain a long way off pre-lockdown levels, but a little consumer resilience might be what we need to soften any downturn in 2023. However, many challenges remain and this may be nothing more than a bubble of hope – and bubbles always burst.”
