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Greek crisis dents UK consumer confidence in July

Consumer confidence in the UK has fallen this month according to new figures.

GENERAL MERCHANDISE

Greek crisis dents UK consumer confidence in July

Data released by GfK in its latest Consumer Confidence Barometer shows that consumer confidence declined by three points to 4 in July.

Joe Staton, head of market dynamics at GfK, said: “Concerns about the general economic situation in the UK for the next 12 months appear to be weighing heavily on consumers’ minds at present. We’ve seen a five-point drop in expectations into negative sentiment, a full ten points lower than this time in 2014. In part, driven by anxiety over the potential Grexit melt-down and global uncertainty, consumers are feeling less secure about wider economic prospects for the country as a whole this month."

While the index measuring expectations for the general economic situation over the next 12 months fell by five points to -1, the forecast for personal finances over the next 12 months increased by one point to 6.

Meanwhile, the climate for major purchase index decreased by five points to 11. This is 14 points higher than the same time last year.

Staton added: “On a more personal level, consumers remain resolutely upbeat about their own financial situation for the coming 12 months. With wage inflation outstripping price inflation, and good news about improving growth and employment prospects, our expectations to next summer remain stable and considerably more optimistic than during July last year. Overall, despite this month’s dip, the underlying message is strong.”

 

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