Consumer confidence improved slightly in 2026, but a closely watched index is still a long way from turning positive as worries over the economy deepen.
It has now been 10 years since the GfK consumer confidence index was last in positive territory, with a small rise this month to –16.
The more than 2,000 individuals surveyed felt better about their personal financial situation over the past 12 months and the year ahead, with the former measure up by three points to –3 and the latter up by four points to +6, eight points better than this time last year.
However, the measure for the country’s general economic situation over the past year and one to come fell by five points to –45 and two points to –31 respectively.
The major purchase index rose by one point to –10 in January.
“January 2026 brings an unwanted anniversary, marking 10 years since consumer confidence was last in positive territory,” said Neil Bellamy, consumer insights director at GfK.
“Even with a one-point increase in headline confidence this month to –16, we remain a long way from consumers feeling that better days are around the corner.
“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. Consumers are once again focusing on what they can control – their own spending and saving – while confidence in the wider economy remains low. To many consumers, the UK economy is beginning to resemble an untethered boat drifting slowly out to sea.”
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