UK consumer confidence edges up in January, economic concerns persist

UK consumer confidence improved slightly in January, supported by stronger expectations for personal finances over the next twelve months, survey results showed Friday.

The overall score for the GfK consumer confidence index rose to minus 16 points in January from minus 17 in December, matching the consensus forecast cited by FXStreet.

Neil Bellamy, consumer insights director at GfK, commented: "January 2026 brings an unwanted anniversary, marking 10 years since consumer confidence was last in positive territory."

Other measures showed confidence in personal finances over the next year improving to plus six points in January from plus two in December.

Expectations for the general economic situation over the next year fell to minus 31 points from minus 29 points.

Furthermore, the major purchases index rose to minus 10 from minus 11.

GfK's Bellamy said: "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."

The index readings form part of the GfK Consumer Confidence Barometer, published each month by GfK and the Nuremberg Institute for Market Decisions using survey responses from a sample of 2,002 individuals in the UK aged 16 and above.