23 July 2024, 21:08
By Furniture News Sept 04, 2023

Consumer confidence enjoys positive reversal in August

GfK’s Consumer Confidence Index increased five points to -25 in August.

All five measures were up in comparison to the previous month’s announcement. The Major Purchase Index rose by eight points to -24 (up 14 points YoY).

Joe Staton, client strategy director at GfK, says: “Against a backdrop of falling core inflation, higher interest rates and rising average weekly earnings, the Consumer Confidence Index has regained momentum this month with a welcome five-point improvement.

"Although the headline figure remains strongly negative at -25, hopes for our personal financial situation for the coming year are heading back towards positive territory, a metric that is key to indicating the future financial position of households. This renewed optimism can also be seen in the similar turnaround for our view on the general economic outlook for the next 12 months, and the eight-point advance in major purchase intentions is potentially better news for retailers as we move into autumn.

"However, while the financial pulse of the nation is still weak, these signs of optimism are welcome during this challenging time for consumers across the UK.”  

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