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GfK: Consumer Confidence Drops One Point In August

Spending retail leisure consumer 725 x 500
  • UK Consumer Confidence holds fast to pre-pandemic levels at – 8 in August
  • Expectations for personal finances in coming year are holding up well  

GfK’s long-running Consumer Confidence Index decreased to -8 in August. Two measures were up in comparison to the July 23rd announcement, two measures were down and one stayed the same.

Joe Staton, Client Strategy Director GfK, says: “Against a backdrop of cooling headline inflation and soaring house prices, the UK consumer confidence index is stable at minus 8 this August. Importantly, expectations for our personal financial situation for the coming 12 months are holding up and this positivity bodes well for the economy going forwards this year and next. Interestingly, this month the five-point fall in the major purchase index is counterbalanced by the five-point rise in the savings index, suggesting that consumers could be considering switching into saving rather than spending. Indeed, UK consumers have built their savings to record levels during COVID. With the economy continuing to open up and GDP bouncing back, the overall picture for the economic health of the nation is looking good for the remainder of 2021. There are compelling reasons here to be cheerful as we begin to put the hardest pandemic months behind us.”

UK Consumer Confidence Measures – August 2021

The Overall Index Score decreased to -8 in August. Two measures were up in comparison to the July 23rd announcement, two measures were down, and one stayed the same.

Personal Financial Situation

The index measuring changes in personal finances over the last 12 months is up one point at 0; this is five points better than August 2020.

The forecast for personal finances over the next 12 months has stayed the same at +11; this is 10 points higher than this time last year.

General Economic Situation

The measure for the general economic situation of the country during the last 12 months is up one point at -42; this is 20 points higher than in August 2020. 

Expectations for the general economic situation over the coming 12 months have dipped by one point to -6; but this is still 36 points higher than August 2020.

Major Purchase Index

The Major Purchase Index has decreased by five points to -3 in August; this is still 22 points higher than it was this month last year.

Savings Index

The Savings Index is up five points to +25 in August; this is four points higher than this time last year.

Source : Joe Staton, GfK

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20 August 2021

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