Consumer confidence languishes at historic low in July
Consumer confidence has languished at an historic low in July as people continue to feel the impact of the ongoing cost of living crisis.
According to data from GfK’s Consumer Confidence Index, the overall index score stayed the same as in June at -41.
Although the the forecast for personal finances over the next 12 months has increased by two points to -26, this is still 37 points lower than this time last year.
Meanwhile the index measuring expectations for the general economic situation over the coming 12 months has stayed the same as last month at -57. However, the major purchase index has edged up one point to -34, which is 36 points lower than July last year.
Joe Staton, client strategy director, GfK said: “Consumer confidence remains severely depressed this month as the impact of soaring food and fuel prices and rising interest rates continues to darken the financial mood of the nation.
“Despite a two-point uptick in our hopes for our personal financial situation for the next 12 months, which might reflect optimism over imminent change at the top of the UK government, the overall index languishes at a historic low amid acute concerns for the general economic situation.”
Looking ahead to the appointment of a new UK Prime Minister, Staton added: “The successful candidate will need to deliver a much-needed shot in the economic arm of the country if they are to help improve consumer confidence.”
