In October Britons took a much gloomier view of their finances and the economy. The GfK consumer confidence index fell by 11 points to -24. The data were published on 23 October.
According to GfK, it is the biggest one-month fall since the Brexit referendum in July 2016. Only the start of the COVID-19 pandemic saw a larger drop. All components of the index fell.
Expectations for the economy over the next 12 months deteriorated most (-36, down 14 points), as did willingness to make major purchases (-22, also down 14 points). The outlook for personal finances over the coming year fell to -3. Only the savings index rose – to +28.
Neil Bellamy of GfK points to the cost of living and unresolved conflicts around the world that are pushing up inflation (currently 3.5%). The fall is seen across all income and age groups. The survey was conducted from 1 to 14 October among 2,003 adults.
What it means for you
- Families: you are not alone if you are putting off bigger spending. Most people are doing the same right now and prefer to save.
- Workers: when customers buy less, firms are more cautious about hiring. There may be fewer seasonal jobs before Christmas.
- Businesses: customers will put off big purchases – furniture, cars, renovations, electronics. That also affects many Polish construction and service firms in the UK.
Our assessment
Such a sharp fall in confidence is a warning ahead of the Budget. People fear tax rises and further price increases. The same picture shows in the shops: retail sales fell by 0.4% in September. We expect a weaker Christmas season. Businesses that give customers a sense of security – fixed prices, instalments, clear terms – stand a better chance of making sales.
What to do
- Families: draw up a simple household budget for the next 3 months. The free tool MoneyHelper – Budget plannercan help.
- Check whether you are entitled to benefits: GOV.UK – benefits calculators.
- Businesses: prepare a “tough times” offer – smaller packages, instalments, a discount for early payment. Keep an eye on cash flow.
Source: GfK / NIQ – Consumer Confidence October 2026 (23.10.2026).
We assess factual corrections and substantive responses. Verified changes are reflected in our reporting.
Contact the editorial desk →
