UK Confidence remains flat in July

UK consumer confidence was flat in July as two measures were up, one was down and two were the same in comparison on the previous month.

According to the latest GfK Consumer Confidence Index, overall figures saw a decrease by one point to -41 in July.

The Major Purchase Index, which includes big ticket items such as furniture, has stayed the same in July at -34; this is 36 points lower than this month last year.

The measure for the general economic situation of the country during the last 12 months is down one point at -66; this is 23 points lower than in July 2021. 

The index measuring changes in personal finances over the last 12 months stayed the same at -23; this is 22 points worse than July 2021.

The Savings Index is up four points this month at +13; this is seven points lower than this time last year.

Joe Staton, Client Strategy Director GfK, says: “Consumer confidence remains severely depressed this month as the impact of soaring food and fuel prices and rising interest rates continues to darken the financial mood of the nation.

“Despite a two-point uptick in our hopes for our personal financial situation for the next 12 months, which might reflect optimism over imminent change at the top of the UK government, the overall index languishes at a historic low amid acute concerns for the general economic situation.

“Against this financial backdrop, the UK electorate is looking for a new leadership with a commitment to unleashing growth, tackling inflation and cutting taxation. The successful candidate will need to deliver a much-needed shot in the economic arm of the country if they are to help improve consumer confidence.” 

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