The latest consumer confidence figures have arrived with a helping of early Christmas (and Black Friday) cheer.

GfK’s long-running Consumer Confidence Index increased by three points to -18 in November and all five of its supporting measures are up. This was led by the Major Purchase Index, which was up a meaty five points (from -21 to -16), “an important measure that has jumped in the run-up to Black Friday next week”, said GfK.

And the overall reason? Neil Bellamy, its Consumer Insights director, said: “There was evidence of nervousness in recent months as consumers contemplated the potentially worrying impact of the UK Budget at home, and even the implications of the US presidential election. But we have moved past those events now. 

“But while 2025 is just around the corner and the New Year often brings optimism, it’s too early to expect significant further improvements in the consumer mood. As recent data shows, inflation has yet to be tamed, people are still feeling acute cost of living pressures, and it will take time for the UK’s new government to deliver on its promise of ‘change’.”

Elsewhere in the report, the Personal Financial Situation for the last year is up one point at -9, some seven points better than November 2023. The forecast for personal finances over the next 12 months is also up one point at -1, two points higher than this time last year.

The General Economic Situation measure of the country during the last 12 months is up three points at -39, some 10 points higher than in November 2023. Expectations for the general economic situation over the next 12 months are also up two points at -26; this is the same as November 2023. 

Also, the Savings Index has fallen three points to +24, five points lower than this time last year, suggesting consumers feel happier spending with less need to save their cash.