Consumer confidence improves three points in June

UK consumer confidence rose by three points in June as three measures increased, one was down and one was unchanged in comparison to last month.

According to the latest GfK Consumer Confidence Index, overall figures saw an increase by three points to -24 in June 2023.

The Major Purchase Index, which includes big ticket items such as furniture, is down one point to -25; this is 10 points higher than this month last year.

The measure for the general economic situation of the country during the last 12 months is unchanged at -54; this is 11 points higher than in June 2022.  

The index measuring changes in personal finances during the last 12 months is up five points at -15; this is eight points better than June 2022. 

The Savings Index is up six points to +25; this is 16 points higher than this time last year.

Joe Staton, Client Strategy Director GfK, says: “Despite the fierce economic headwinds of the cost-of-living crisis, double-digit grocery price increases, and the mortgage squeeze severely impacting both homeowners and renters alike, the UK Consumer Confidence Index has improved by another three points in June, the fifth monthly improvement in a row. The most telling finding is how we see our personal financial situation in the coming year – the money going in and out of our bank accounts – which shows a healthy seven-point increase.

“This is a whisker away from pushing into positive territory, something we have not seen since December 2021, and it’s also the third consecutive monthly increase – all of which is good news for the future. Consumers are showing remarkable resilience in the face of inflation that is currently refusing to yield. This is the best showing for the Overall Index Score for the past 17 months and, if consumers continue to weather the current economic storm, then this will provide a firm foundation for getting back to growth.”

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