Mixed news on the UK economy dented February consumer confidence, falling for the first time in three months (by two points to -21), with the long-running GfK Index showing four of its key measures were down this month, with just one unchanged.

But the data company’s Client Strategy Director Joe Staton had some good news, based on the country’s personal financial situation for the next 12 months: It didn’t fall.

“Although registering again at zero, this is a significant improvement on the -18 score from February last year,” he noted.

“This metric is key to understanding the financial mood of the nation because confident householders are more likely to spend despite the cost-of-living crisis. Looking forward, it will be interesting to see what the forthcoming Budget delivers in terms of taxation and inflation.”

He added: “These are important issues to everyone – especially in an election year. The recent performance of the economy will play a crucial role in determining results at the ballot box. All the measures this February are better than a year ago, but consumer confidence alone will not carry us into a brighter economic future.”

Elsewhere, the index measuring changes in personal finances during the last year fell two points to -14, some 12 points better than February 2023.

The measure for the general economic situation of the country during the last 12 months dipped two points to stand at -43, 22 points higher than a year ago.

Meanwhile, expectations for the general economic situation over the next 12 months dipped three points to -24, but still 19 points better than last February.

Finally, the Major Purchase Index fell five points to -25, some 12 points higher than this month last year, while the Savings Index increased two points to +29 in February, 10 points higher than this time last year.

That Major Purchase Index figure is a worry as consumers clearly aren’t yet in the frame of mind to splurge on consumer goods. But perhaps the lipstick effect could kick in here. If they’re feeling generally more positive, maybe small treats could be on the menu.