GfK: UK Consumer Confidence Up One Point In July

• Major purchase intentions increase but are consumers suddenly taking a ‘wait and see’ stance on the economy? 

GfK’s long-running Consumer Confidence Index increased one point to -13 in July. Two measures were up, one was down and two were unchanged in comparison to last month’s announcement. 

Joe Staton, Client Strategy Director GfK, says: “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.

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.”

Image : GfK

UK Consumer Confidence Measures – July 2024

The Overall Index Score increased one point to -13 in July. Two measures were up, one was down and two were unchanged in comparison to last month’s announcement. 

Personal Financial Situation 

The index measuring changes in personal finances during the last year is up two points at -8; this is 12 points better than July 2023.

The forecast for personal finances over the next 12 months is down one point at +3, which is ten points higher than this time last year.

General Economic Situation 

The measure for the general economic situation of the country during the last 12 months is unchanged at -32; this is 26 points higher than in July 2023.  

Expectations for the general economic situation over the next 12 months are also unchanged at -11; this is 22 points better than July 2023.

Major Purchase Index 

The Major Purchase Index is up seven points to -16; this is 16 points higher than this month last year.

Savings Index

The Savings Index has increased five points to +27 in June; this is one point higher than this time last year.

Source : GfK

Image : shutterstock / 130030334 / MJTH

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