19 May 2024, 04:01
By Furniture News Jun 23, 2023

June sees consumer confidence improve

Despite stubborn inflation, GfK’s Consumer Confidence Index increased three points to -24 in June. Three measures were up, one was down (the Major Purchase Index was down one point to -25, up 10 points YoY), and one was unchanged in comparison to last month’s announcement.

Joe Staton, client strategy director, GfK, says: “Despite the fierce economic headwinds of the cost of living crisis, double-digit grocery price increases and the mortgage squeeze severely impacting both homeowners and renters alike, the UK Consumer Confidence Index has improved by another three points in June, the fifth monthly improvement in a row.

"The most telling finding is how we see our personal financial situation in the coming year – the money going in and out of our bank accounts – which shows a healthy seven-point increase. This is a whisker away from pushing into positive territory, something we have not seen since December 2021, and it’s also the third consecutive monthly increase – all of which is good news for the future.

"Consumers are showing remarkable resilience in the face of inflation that is currently refusing to yield. This is the best showing for the Overall Index Score for the past 17 months and, if consumers continue to weather the current economic storm, then this will provide a firm foundation for getting back to growth.”

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