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Consumer confidence has seen a subdued increase, according to the latest figures from GfK’s Consumer Confidence Index.
The index increased by one point to minus 13 in July. The major purchase index, which indicates confidence in buying big ticket items, saw a seven point uptick, potentially good news for retailers. However, confidence in personal finances looking ahead 12 months fell one point to positive three. Confidence in the UK’s wider economy over the next 12 months remained at minus 11.
Joe Staton, Client Strategy Director GfK, said “There was a subdued one-point improvement in the Overall Index Score in July with only two of the five measures increasing. The seven-point uptick in the major purchase index is potentially good news for retailers that could translate into improved footfall in the months to come.
“The positive view on personal finances is encouraging with July’s score of -8, for the measure looking back over the last 12 months, up two points on the month before and the best since January 2022. But the consumer view on the UK’s wider economy has paused with scores that are identical to last month. Two important events during the survey period (UK general election result on July 5th, and England sealing its place on July 10th in the UEFA Euro 2024 Final) could have boosted the national mood but appear to have had limited positive impact. So, July’s consumer confidence poll suggests a note of caution as people wait to see exactly how the UK’s new government will affect the wider economy and their personal finances.”