British consumer confidence declined in September but still remains well ahead of year-earlier levels, according to research group GfK.

Its UK Consumer Confidence Index saw drops in all five areas it measures, including its Major Purchases Index, which surveys consumer propensity to splash out on big-ticket goods such as furniture.

The Major Purchases Index decreased three points to +14; but this was still a full 14 points higher than in September 2014.

The Overall Index Score (see chart below) decreased four points this month to +3, with the measure for the General Economic Situation of the country down six points to -3, the Personal Financial Situation Index down two points to +1, and the Savings Index falling one point to +3.


Joe Staton, Head of Market Dynamics at GfK, said consumers were in a depressed ‘back-to-school’ mood in September, with a dip in people feeling good about the wider economy and their own personal economic circumstances.

“Across the board, all components of the Index have dropped despite a positive UK news agenda of continued near-zero inflation, low interest rates and levels of unemployment, UK wage growth at a six-year high and the ever increasing value of our homes,” he said.