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Consumer confidence holds steady this month

New data has shown that consumer confidence has held steady in July as Covid-19 lockdown restrictions ease across the UK. GfK’s long-running Consumer Confidence Index has… View Article

GENERAL MERCHANDISE

Consumer confidence holds steady this month

New data has shown that consumer confidence has held steady in July as Covid-19 lockdown restrictions ease across the UK.

GfK’s long-running Consumer Confidence Index has remained at -27 in the month, which the company said is surprising given the emerging cost of the pandemic to the UK economy and significant job losses.

The index measuring expectations for the general economic situation over the next 12 months has risen by one point at -41, while the index for the forecast for personal finances has increased by three points to zero.

However, the major purchase index has declined, falling by one point to -26; this is 30 points lower than it was in July 2019

Joe Staton, GfK’s client strategy director, added: “Many people have been savvy and saved money during lockdown, as the most recent GDP figures show. That could explain the one bright spark on the horizon — the three-point uptick in consumer expectations for the financial position of their households in the next 12 months. The way we perceive our ’future wallets’ is key as it’s the one area over which we have day-to-day control and is a good indicator of our personal financial outlook for the year to come.”

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