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GfK: Consumer Confidence Remains At -27

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Joe Staton, GfK’s Client Strategy Director, says: “Circumspect consumers report they are more confident about their personal financial situation over the next year. However, the uptick from zero up to +1 does not amount to much, and this could change quickly when furlough ends and the inevitable redundancies start.

"Employment is now the big issue because the pandemic has ended years of job security. Yes, discounted dinners have proved a winner with hungry consumers across the country this month, but it’s difficult to see significantly increased appetite for other types of spending for now.

"While our Major Purchase Index increased by one point in August, it is still in negative terriroty, and the economic headwinds are not favourable as we enter the key retailing months at the end of the year.”

 UK Consumer Confidence Measures – August 2020

The Overall Index Score has remained at -27 for August. Three measures were down and two were up against the July 24th announcement.

Personal Financial Situation

The index measuring changes in personal finances over the last 12 months is down one point to -5; this is four points lower than August 2019. 

The forecast for personal finances over the next 12 months is up one point to +1 this month; this is one point lower than August 2019.

General Economic Situation

The measure for the general economic situation of the country during the last 12 months has decreased by one point to -62; this is 28 points lower than in August 2019.  

Expectations for the general economic situation over the coming 12 months are down by one point at -42 points; this is four points lower than August 2019.

Major Purchase Index

The Major Purchase Index has increased by one point to -25 in August; this is 26 points lower than it was in August 2019.

Savings Index

The Savings Index has stayed at +21 in August; this is the same as this time last year.

Source : Joe Staton - GfK

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21 August 2020

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