Consumer confidence rises in June
Figures released by GfK have shown that consumer confidence rose in June as UK consumers were less pessimistic about their ability to make major purchases.
The research firm’s headline index rose one point in the month to -21 which GfK said was driven by a five point rise in the climate for making major purchases index to -20.
While the measure for personal finances over the next 12 months declined by 2 points to -7, the measure for the general economic situation of the country for the next 12 months increased by two points to -16.
Nick Moon, managing director of social research at GfK, said: “A one point rise is not of itself important, but what matters more is that it is another marker in what now appears to be a clear upward trend.
“What makes this apparent good cheer somewhat surprising, and which may prevent the government breaking out the champagne quite yet, is that the improvement comes at a time when there has been a flurry of recent reports showing that people are not only getting worse off, but they are likely to continue to do so.”
Moon added that the five point jump in the climate for major purchases measure could be a reflection of a proliferation of special offers by retailers. But this alone was not enough to account for the overall upward trend in confidence over the last year, he said.
Data released by ONS this month shows that the UK has dropped from 5th to 12th in the national standings for real household income, two months after another ONS report showed that real disposable income fell in the last quarter of 2012.
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