19 May 2024, 03:01
By Furniture News Jul 25, 2022

Consumer confidence remains at historic low

GfK’s Consumer Confidence Index was flat in July, at -41. Two measures were up (including the Major Purchase Index, which increased by one point to -34, down 36 points YoY), one was down and two were the same in comparison to the June 24th announcement.

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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