GfK's long-standing Consumer Confidence Index for July increased by one point to -13. Among its five measures, two showed improvement, one declined, and two remained unchanged compared to the previous month.
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Joe Staton, Client Strategy Director at GfK, commented on the marginal increase in the Overall Index Score in July, highlighting that while there was a seven-point rise in the major purchase index, indicating potential positivity for retailers in the near future, consumer sentiment towards the broader UK economy remained static. He noted that despite events such as the UK general election and England's success in the UEFA Euro 2024 Final, there was limited impact on the national mood, suggesting a cautious stance among consumers as they await the economic implications of the new government.
UK consumer confidence measures – July 2024
The Overall Index Score increased one point to -13 in July, with two measures rising, one declining, and two unchanged from the previous month.
Personal financial situation
The index reflecting changes in personal finances over the past year improved by two points to -8, marking a significant improvement from July 2023.
Expectations for personal finances over the next 12 months decreased by one point to +3, though it remained considerably higher compared to the previous year.
General economic situation
The measure for the country's economic situation over the last year remained unchanged at -32, showing an improvement of 26 points from July 2023.
Expectations for the economic situation over the next 12 months also stayed the same at -11, a 22-point increase from the previous year.
Major Purchase Index
The Major Purchase Index saw a notable increase of seven points to -16, which is 16 points higher than the same period last year.
Savings Index
The Savings Index rose by five points to +27 in June, maintaining a one-point increase from the previous year.
More information:
GfK
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