UK consumer confidence improves in July
Lastly, the savings index has increased five points to +27 in June; this is one point higher than this time last year
UK consumer confidence has increased one point in July to -13, according to GfK’s long-running index.
The survey revealed that two measures were up, one was down and two were unchanged in comparison to last month’s announcement.
The index measuring changes in personal finances during the last year was up two points at -8. Meanwhile, the survey revealed that the forecast about personal finances was down one point at +3, which is 10 points higher than this time last year.
The measure for the general economic situation of the country during the last 12 months was unchanged at -32. Expectations for the general economic situation over the next 12 months were also unchanged at -11, 22 points better than July 2023.
Additionally, the major purchase index was up seven points to -16; this is 16 points higher than this month last year.
Lastly, the savings index has increased five points to +27 in June; this is one point higher than this time last year.
Joe Staton, Client Strategy director of GfK, said: “There was a subdued one-point improvement in the Overall Index Score in July with only two of the five measures increasing. The seven-point uptick in the major purchase index is potentially good news for retailers that could translate into improved footfall in the months to come.
“The positive view on personal finances is encouraging with July’s score of -8, for the measure looking back over the last 12 months, up two points on the month before and the best since January 2022. But the consumer view on the UK’s wider economy has paused with scores that are identical to last month.”
Staton added: “Two important events during the survey period (UK general election result on July 5th, and England sealing its place on July 10th in the UEFA Euro 2024 Final) could have boosted the national mood but appear to have had limited positive impact. So, July’s consumer confidence poll suggests a note of caution as people wait to see exactly how the UK’s new government will affect the wider economy and their personal finances.”
