UK consumer confidence edged up in January as three measures increased during the month. However, it has been 10 years since consumer confidence was last in positive territory.
According to the latest GfK Consumer Confidence Index, overall figures rose by one point to -16 in January. Three measures were up, and two were down, compared to last month’s announcement.
The Major Purchase Index, which includes big ticket items such as furniture, rose by 1 point to -10, which is 10 points better than last year.
The index measuring changes in personal finances over the last 12 months has increased by three points to -3. This is seven points higher than January 2025.
The measure for the country’s general economic situation over the last 12 months decreased by five points to -45. This is one point better than January 2025.
The Savings Index increased four points to 28; this is two points lower than last year. This measure is commented on but not included in the Overall Index Score.
Neil Bellamy, Consumer Insights Director at GfK, an NIQ Company, says: “January 2026 brings an unwanted anniversary, marking 10 years since consumer confidence was last in positive territory. Even with a one-point increase in headline confidence this month to -16, we remain a long way from consumers feeling that better days are around the corner. Yes, perceptions of personal finances have improved, but this is offset by growing concerns about the economy.
“We’ve seen this pattern before. During periods of political and economic uncertainty – most notably in late 2022 – consumers became more cautious but also more self-reliant. What we’re witnessing now is a return to that mindset: people feel they can manage their own finances, but they remain unconvinced about the wider economic outlook.
“Let’s be clear – this isn’t optimism; it’s resilience. Consumers are once again focusing on what they can control – their own spending and saving – while confidence in the wider economy remains low. To many consumers, the UK economy is beginning to resemble an untethered boat drifting slowly out to sea.”
