Consumer confidence drops for first time in six months in July
Consumer confidence in the UK fell for the first time in six months in July according to figures released by GfK in its latest Consumer Confidence Barometer.
The research firm’s overall index score decreased by three points to -2 after crossing into positive territory for the first time in nearly ten years in June.
Nick Moon, managing director of social research at GfK, said: “All five of the component parts of the index fell this month, with four-point drops in both the questions about the country’s general economic situation being particularly noticeable.”
While the measure for consumers’ expectations for the general economic situation over the next 12 months fell by four points to 9, the ‘climate for major purchases’ index dropped by one point to -3. The measure for consumers’ personal financial situation over the next 12 months declined by one point to 2.
Moon added: “The almost relentless rise of the last six months couldn’t continue indefinitely, and the government will be hoping this is just a temporary setback rather than the forerunner of a wider decline in confidence.”
