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GfK: Consumer Confidence Increased In June

MichelleMitha iStock 152128121
  • UK Consumer Confidence up three points in June to -14
  • Third monthly increase since March is driven by optimism about UK economy

GfK’s long-running Consumer Confidence Index increased three points to -14 in June. Three measures were up, one was down and one was unchanged in comparison to last month’s announcement.

Joe Staton, Client Strategy Director GfK, says: "Once again we have an improved reading for the Overall Index Score with June showing a three-point improvement bolstered by consumers’ more sympathetic view of the economy for the last year and the 12 months to come. Those measures on the economy registered sharp increases of seven points and six points respectively, and there was a welcome three-point boost in intentions to make major purchases. While June’s reading of -14 is the third month in a row that confidence has increased, the headline score remains negative owing to the difficulties so many have experienced as the unrelenting cost-of-living crisis batters household budgets. Nevertheless, consumer confidence continues its robust long-term upward trend this month, and has recovered significantly since the record low of -49 reached in September 2022. Consumers like financial certainty, and this has to be the cornerstone if we are to see confidence break out into positive territory."

UK Consumer Confidence Measures – June 2024

The Overall Index Score increased three points to -14 in June. Three measures were up, one was down and one was unchanged in comparison to last month’s announcement.

Personal Financial Situation 

The index measuring changes in personal finances during the last year is unchanged at -10; this is five points better than June 2023. 

The forecast for personal finances over the next 12 months is down three points at +4, which is five 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 seven points at -32; this is 22 points higher than in June 2023.   

Expectations for the general economic situation over the next 12 months have increased by six points to -11; this is 14 points better than June 2023.

Major Purchase Index 

The Major Purchase Index is up three points to -23; this is two points higher than this month last year. 

Savings Index

The Savings Index has decreased five points to +22 in June; this is three points lower than this time last year.

Source : Joe Staton, GfK

Image : MichelleMitha / iStock / 152128121

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24 June 2024

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