Consumer confidence increased in October, with the overall index score rising two points to -17, according to the latest figures from analysts GfK.

Consumer sentiment towards personal finances over the past year has also improved by two points to -5, which is a 5-point increase from the same period last year.

The data also found expectations for the general economic situation over the next two months have increased by two points to -30, which is two points lower than the year prior.

While the consumer confidence towards the general economic situation of the UK over the last 12 months has increased by three points to -42.

In October, the amount of major purchases increased by four points to -12, which marks a nine-point improvement from the previous year.

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Neil Bellamy, consumer insights director at GfK, an NIQ Company, commented: “Consumer confidence registered a marginal increase in October. Buying sentiment is up on last month, with a four-point rise in our 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.

He added: “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 (on 26 November), to be announced just two days before Black Friday, boosts or dampens spending during that crucial weekend.”