UK shoppers could be in for a very Black Friday this November
UK shoppers are nervously waiting to see what Chancellor Rachel Reeves will do in her November Budget, which will take place just two days before Black Friday.
New data from GfK shows consumer confidence increased in October:
- The index measuring changes in personal finances over the last year has increased by two points to -5, marking a five-point improvement from October 2024. The forecast for personal finances over the next 12 months is down one point at +3; this is five points better than this time last year.
- The measure for the general economic situation of the country during the last 12 months is up three points to -42; this is the same as in October 2024. Expectations for the general economic situation over the next 12 months have increased two points to -30, marking a two-point decline from October 2024.
- The Savings Index has jumped seven points to +29 in October; this is two points better than this time last year.
There was also a four-point rise in the Major Purchase Index, which tracks consumers’ intentions to buy big-ticket items such as electrical goods and furniture. This uptick is partly driven by major retailer sales events held earlier in the month, said Neil Bellamy (Consumer Insights Director at GfK).
“After several years of high inflation, savvy consumers have adapted their purchasing strategies to make the most of their money when discounts are most attractive.
“Where possible, many now delay major purchases until one of these sales events – and the biggest of all is Black Friday, on November 28. Both consumers and UK retailers will be watching closely to see whether the Chancellor’s Budget, to be announced just two days before Black Friday, boosts or dampens spending during that crucial weekend.”
