The index found that overall consumer confidence was at -17 in October, representing an overall negative score and which was four points lower than September, although still significantly better than October 2020’s score of -31.

The fall in consumer confidence was led by a 10-point drop compared with September’s index in respondents’ confidence over the country’s economic performance over the next 12 months, which reached a total score of -26.

The findings are based on a survey of 2,000 adults carried out between 1st and 13th October.

Other results from GfK’s index showed that all measures were down on September, including a three-point fall in respondents’ perception of the performance of the economy over the past year, which reached a score of -46.

Respondents’ views of their personal finances over the past 12 months fell one point to a total score of -5, while their expectations for their personal finances over the next year fell five points from September to a score of one.

The major purchase index, which measures whether respondents feel the time is right to make a major purchase, fell four points to an overall score of -10.

The savings index, which asks respondents whether now is a good time to save money, stayed the same as September at a score of 22.

Joe Staton, client strategy director at GfK, said: “Against a backdrop of cheerless domestic news – fuel and food shortages, surging inflation squeezing household budgets, the likelihood of interest rate rises impacting the cost of borrowing, and climbing Covid-19 rates – it is not surprising that consumers are feeling down-in-the mouth about the chilly winter months ahead.

“Worryingly for British retailing in the run-up to Christmas, there’s a further decline in the intention to make major purchases. The financial mood of the nation has changed and consumers could do with some strong tonic to lift their spirits.”