(Sharecast News) - UK consumer confidence edged higher in October, a long-running survey showed on Friday, despite ongoing cost pressures and uncertainty around the upcoming Budget.
According to the latest consumer confidence index from GfK, part of retail consultancy NIQ, the overall score ticked up two points to -17.

Within that, consumers flagged ongoing concerns about their personal finances going forward, with the sub-index easing a point to 3. However, there was a slight uptick in expectations for the economy over the next 12 months.

That sub-index rose two points to -30, although it remains at historically low levels.

The major purchase index, meanwhile, improved four points to -12. The index tracks consumers' intentions to buy big-ticket items such as electrical goods and furniture.

Neil Bellamy, consumer insights director at GfK, said: "Buying sentiment is up on last month. This uptick is partly driven by major retailer sales events held earlier in the month.

"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.

"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."

The consumer confidence barometer, which is published jointly with the Nuremberg Institute for Market Decisions, has been running since 1974.

The latest survey was conducted among a sample of 2,004 individuals aged 16-plus between 1 and 14 October.

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