GfK’s long-running Consumer Confidence Index increased one point to -13 in July. Two measures were up – including the Major Purchase Index, which rose seven points to -16 (up +16 points YoY) – one was down, and two were unchanged in comparison to last month’s announcement.
Joe Staton, client strategy director at GfK, says: “There was a subdued one-point improvement in the overall index score in July, with only two of the five measures increasing.
"The seven-point uptick in the Major Purchase Index is potentially good news for retailers that could translate into improved footfall in the months to come.
"The positive view on personal finances is encouraging, with July’s score of -8, for the measure looking back over the last 12 months, up two points on the month before and the best since January 2022.
"But the consumer view on the UK’s wider economy has paused, with scores that are identical to last month. Two important events during the survey period (UK general election result on July 5th, and England sealing its place on July 10th in the UEFA Euro 2024 final) could have boosted the national mood but appear to have had limited positive impact.
"So, July’s consumer confidence poll suggests a note of caution as people wait to see exactly how the UK’s new Government will affect the wider economy and their personal finances.”
