According to GfK’s barometer, the overall index score was flat in July compared to the previous month, with two measures up, one down and two staying the same
UK consumer confidence remained at an historic low of -41 this month as the impact of soaring food and fuel prices, energy bills, and rising interest rates continued to darken the financial mood of the nation.
According to GfK’s barometer, the overall index score was flat in July compared to the previous month, with two measures up, one down and two staying the same.
The index measuring changes in personal finances over the last year remained constant at -23 — 22 points worse than July 2021. The forecast for personal finances over the next 12 months increased two points to -26. This was 37 points lower than this time last year.
The data also revealed that the measure for the general economic situation of the country during the last 12 months was down one point at -66, some 23 points lower than in July last year.
Meanwhile, expectations for the general economic situation over the coming year have stayed the same at -57 — 52 points lower than July 2021.
The major purchase index increased by one point in July to -34 while the savings Index was up four points this month at +13.
The GfK survey was conducted among a sample of 2,000 individuals aged 16 and over, between 1 and 12 July.
Consumer confidence remains severely depressed this month, Joe Staton, client strategy director of GfK said.
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, he said.
He said: 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.