24 July 2024, 15:34
By Furniture News Jun 21, 2024

Consumer confidence continues to recover

GfK’s long-running Consumer Confidence Index increased three points to -14 in June. Three measures were up (including the Major Purchase Index, which rose three points to -23, up two points YoY), one was down and one was unchanged in comparison to last month’s announcement.

Joe Staton, client strategy director at GfK, says: "Once again we have an improved reading for the overall index score, with June showing a three-point improvement, bolstered by consumers’ more sympathetic view of the economy for the last year and the 12 months to come.

"Those measures on the economy registered sharp increases of seven points and six points respectively, and there was a welcome three-point boost in intentions to make major purchases.

"While June’s reading of -14 is the third month in a row that confidence has increased, the headline score remains negative owing to the difficulties so many have experienced as the unrelenting cost of living crisis batters household budgets.

"Nevertheless, consumer confidence continues its robust long-term upward trend this month, and has recovered significantly since the record low of -49 reached in September 2022. Consumers like financial certainty, and this has to be the cornerstone if we are to see confidence break out into positive territory."

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