The rising cost of living and the Omicron variant have led to a decrease in consumer confidence during the festive season.

NEW golden quarter logo black (Nov 2021)

Consumer confidence fell by one point to -15 in December, according to the latest data from the GfK consumer confidence barometer.

In light of increasing costs, consumers expressed concerns around personal finances over the next year, with the index decreasing by one point to one – two points lower than this time last year. 

Consumer sentiment on the economy over the past year rose by one point to -39 – a figure that is 26 points higher than the same period last year.

However, expectations for the general economic situation across the UK in the coming 12 months dropped by one point this month to -24. However, this is 11 points higher than December 2020.


The major purchase index decreased by three points in December to -6, illustrating that consumers are less likely to spend due to ongoing uncertainty. This figure remained 16 points higher than December 2020. 

The saving index dipped by one point from November, now standing at 14.

GfK client strategy director Joe Staton said: “Both measures that look at how people see the coming year have slipped – down one point for personal finances over the next 12 months and down one point for the wider economy during 2022.

“This is driven by concerns over the soaring cost of living, with the prospect of looming interest rate rises piling on more pressure. And dispirited Brits say they are less inclined to make major purchases during the countdown to Christmas. 

“We end 2021 on a depressing note and it looks like it will be a bleak midwinter for UK consumer confidence, possibly with new Covid curbs and little likelihood of any real uplift in the first months of 2022.”

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