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London, 25.02.2022

UK Consumer confidence down seven points to -26 in February

Lowest headline score for 13 months in face of perfect storm of prices rises

London, February 25th, 2022 – GfK’s long-running Consumer Confidence Index decreased seven points to -26 in February. All measures were down in comparison to the January 21st announcement.

Joe Staton, Client Strategy Director GfK, says: “Fear about the impact of price rises from food to fuel and utilities, increased taxation and interest rate hikes has created a perfect storm of worries that has shaken consumer confidence. At -26, this is the lowest headline score since January 2021, one of the worst points in the Covid crisis. While all measures have fallen this month, the two forward-looking indicators tapping sentiment over the next 12 months on personal finances and the wider economic situation are showing the biggest falls – these are down 12 points and 11 points respectively. There’s clear anxiety in these findings as many consumers worry about balancing the household books at the end of the month without going further into debt. Slowing consumer spend slows the wheels of the UK economy so this is unwelcome news. And the good news on the easing or lifting of Covid restrictions around the UK seems to be doing little to lift the public’s mood.”

UK Consumer Confidence Measures – February 2022

The Overall Index Score decreased seven points to -26 in February. All measures were down in comparison to the January 21st announcement.

Personal Financial Situation

The index measuring changes in personal finances over the last 12 months has decreased five points to -11; this is three points worse than February 2021.

The forecast for personal finances over the next 12 months has decreased 12 points to -14; this is 18 points lower than this time last year

General Economic Situation

The measure for the general economic situation of the country during the last 12 months is three points lower at -50; this is 14 points higher than in February 2021. 

Expectations for the general economic situation over the coming 12 months have dropped by 11 points to -43; this is 13 points lower than February 2021.

Major Purchase Index

The Major Purchase Index has decreased by five points to -15 in February; this is four points higher than it was this month last year.

Savings Index

The Savings Index has gone down by one point to +14 in February; this is five points lower than this time last year.

Download the UK Consumer Confidence summary data deck

About the survey

  • The UK Consumer Confidence Barometer is conducted by GfK.
  • This month’s survey was conducted among a sample of 2,000 individuals aged 16+.
  • Quotas are imposed on age, sex, region and social class to ensure the final sample is representative of the UK population.
  • Interviewing was carried out between February 1st and 14th 2022.
  • The figures contained within the Consumer Confidence Barometer have an estimated margin of error of +/-2%.
  • The Overall Index Score is calculated using underlying data that runs to two decimal points.
  • The confirmed date of the next press release is March 25th 2022. The dates for the remainder of the year: April 22nd 2022; May 20th 2022; June 24th 2022; July 22nd 2022; August 19th 2022; September 23rd 2022; October 21st 2022; November 25th 2022; December 16th 2022.
  • Any published material requires a reference to GfK e.g. ‘Research carried out by GfK’.
  • This study has been running since 1974. Back data is available from 2006.
  • The table below provides an overview of the questions asked to obtain the individual index measures:


Personal Financial Situation

(Q1/Q2)

This index is based on the following questions to consumers: ‘How has the financial situation of your household changed over the last 12 months?’

‘How do you expect the financial position of your household to change over the next 12 months?’ (a lot better – a little better – stay(ed) the same – a little worse – a lot worse)

General Economic Situation

(Q3/Q4)

This index is based on the following questions to consumers: ‘How do you think the general economic situation in this country has changed over the last 12 months?’

‘How do you expect the general economic situation in this country to develop over the next 12 months?’

(a lot better – a little better – stay(ed) the same – a little worse - a lot worse)

Major Purchase Index

(Q8)

This index is based on the following question to consumers: ‘In view of the general economic situation, do you think now is the right time for people to make major purchases such as furniture or electrical goods?’

(right time – neither right nor wrong time – wrong time)

Savings Index

(Q10)

This index is based on the following question to consumers: ‘In view of the general economic situation do you think now is?’ (a very good time to save – a fairly good time to save – not a good time to save – a very bad time to save)

(Commented on but not included in the Index Score)



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