Skip to content
Search
AI Powered
Latest Stories

Consumer confidence rises bringing hope ahead of Christmas

Consumer confidence rises bringing hope ahead of Christmas
istock image

Consumer confidence in the UK rose to the highest level since January 2022 in September, providing some positive news for retailers heading towards the crucial Christmas trading period.

GfK’s Consumer Confidence Index increased four points to -21 in September, with all five measures up in comparison to last month’s announcement.


Joe Staton, Client Strategy Director GfK, commented, “The view on our personal financial situation for the past year and the next is registering marginal but welcome growth, while expectations for the UK’s wider economy in the coming year show a more robust six-point increase. And with less than 100 shopping days to Christmas, the four-point boost to the major purchase measure might offer some hope to retailers, who know all too well that many people face financial pressure in the run-up to this year’s festive season.”

However, he noted that while this month’s improved headline score is good news, many households are still struggling with the cost of living crisis and tough economic conditions.

“The reality is that consumer confidence remains suppressed, and the financial mood of the nation is still negative,” said Staton.

Economists noted that a relatively low unemployment rate, easing price rises, strong wage growth, and a correction in mortgage rates from their recent 15-year peak has helped support more robust consumer spending in recent weeks.

The Bank of England yesterday voted to hold interest rates at 5.25 per cent after 14 consecutive increases since December 2021, giving some hope to hard-pressed mortgage holders.

However, Alex Kerr, economist at consultancy Capital Economics, warned that “while the worst of the falls in real household disposable incomes are behind us, the full drag on activity from higher interest rates has yet to be felt”.

More for you

Budget 2024: Local shops to face significant new pressure

(Photo by JUSTIN TALLIS/AFP via Getty Images)

(Photo by JUSTIN TALLIS/AFP via Getty Images)

Budget 2024: Local shops to face significant new pressure

Local shops will face significant new pressures as a result of today’s Budget, the Association of Convenience Stores (ACS) has warned.

Chancellor Rachel Reeves' budget's impact will be felt unevenly across the UK’s 50,000 convenience stores, with some measures such as business rate relief and the increased employment allowance mitigating costs for smaller independent stores, while providing no help for chains and larger independent businesses.

Keep ReadingShow less
Post Office cash deposits and withdrawals
Post Office, DPD partners to rollout ‘Click and Collect’ services
Post Office, DPD partners to rollout ‘Click and Collect’ services

Parliament to launch inquiry into Post Office Horizon scandal compensation delays

Parliament is to launch an inquiry into delays in compensation settlements for sub postmasters affected by the Horizon scandal.

The newly-formed Business and Trade Select Committee will call ministers, subpostmasters and their lawyers to give evidence next week with a second session to follow in mid-November. The Committee’s chair, Liam Byrne MP told ITV News that there was “definitely a delay” in people coming forward for payment.

Keep ReadingShow less
Bacup Wine and Convenience shop, 34 Burnley Road, Bacup.

Bacup Wine and Convenience shop, 34 Burnley Road, Bacup.

Robbie MacDonald via LDRS

Shop’s licence bid rejected over illegal vapes and ‘no regard’ for children’s safety

A Rossendale shop has had a licence bid rejected after repeatedly selling vapes to children and having illegal products on its premises.

Management at the Ibra Superstore at 34 Burnley Road, Bacup, have shown ‘no regard’ for children’s protection and safety, and have insufficient controls for licensing, Rossendale councillors have ruled.

Keep ReadingShow less
SPAR retailer hits target to secure £100,000 free stock from James Hall

SPAR retailer hits target to secure £100,000 free stock from James Hall

SPAR North of England retailer Dara Singh Randhawa’s family store has been awarded £100,000 of free stock after hitting all his targets since moving to the symbol.

Dara and his family, who have their SPAR store in Patrington in the East Riding of Yorkshire, joined SPAR through its association with James Hall & Co. Ltd in August 2023 having taken the decision to maximise the store’s potential.

Keep ReadingShow less
Pound Sterling bank notes
iStock

National Living Wage to increase to £12.21 in April 2025

The government has on Wednesday announced its acceptance of the Low Pay Commission’s (LPC) recommendations on the rates of the National Minimum Wage (NMW), including the National Living Wage (NLW).

The rates which will apply from 1 April 2025 are as follows:

Keep ReadingShow less