GfK’s Consumer Confidence Index decreased to -8 in August. Two measures were up in comparison to the July 23rd announcement, two measures were down and one stayed the same.
The Major Purchase Index decreased by five points to -3 – still 22 points higher YoY.
Joe Staton, client strategy director, GfK, says: “Against a backdrop of cooling headline inflation and soaring house prices, the UK consumer confidence index is stable at -8 this August.
"Importantly, expectations for our personal financial situation for the coming 12 months are holding up, and this positivity bodes well for the economy going forwards this year and next.
"Interestingly, this month the five-point fall in the Major Purchase Index is counterbalanced by the five-point rise in the savings index, suggesting that consumers could be considering switching into saving rather than spending. Indeed, UK consumers have built their savings to record levels during Covid. With the economy continuing to open up and GDP bouncing back, the overall picture for the economic health of the nation is looking good for the remainder of 2021. There are compelling reasons here to be cheerful as we begin to put the hardest pandemic months behind us.”