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GfK: Consumer Confidence Slips Back in June

Consumer Confidence - shutterstock_202554910 - 725 x 500.jpg

GfK's Consumer Confidence Index for June has dropped back to -13, down from -10 in May.

Joe Staton, Client Strategy Director at GfK, says:

“With all measures falling across the board this month, we revert to the Overall Index Score of -13 that we saw four times already this year. Perhaps scores clustered around -13 are to be the ‘New Normal’ for consumer confidence?

"While UK consumers continue to remain concerned about the wider economy, over which the woman or man in the street has no control, of greater worry are the falls in the measures for personal finance. These better reflect our hopes and fears for our everyday financial futures and this, coupled with a decline in the Major Purchase Index, could point to a turbulent time for the economy over the summer months.

"Another trend to watch, even though it’s not included in the Overall Index Score, is the Savings Index – up for the third month in a row at +19. Despite more of us agreeing that “now is a good time to save”, the official savings ratio (the percentage of disposable income being saved) stands at near historic lows as households must either dip into their savings or go into debt to fund the cost of day-to-day living.

"This is important because, without the security of a savings buffer, consumers may well be unable to absorb the impact of any downturn a no-deal Brexit might deliver.”

UK Consumer Confidence Measures – June 2019

The Overall Index Score in June 2019 is -13; all five measures decreased in June.

Personal Financial Situation

The index measuring changes in personal finances during the last 12 months has decreased by four points this month to -1; this is now one point lower than in June 2018. 

The forecast for personal finances over the next 12 months decreased by three points to +2 this month; this is four points lower than in June 2018.

General Economic Situation

The measure for the general economic situation of the country during the last 12 months has decreased this month to -32; this is four points lower than in June 2018. 

Expectations for the general economic situation over the next 12 months have decreased four points to -33; this is eight points lower than June 2018. 

Major Purchase Index

The major purchase index decreased three points in June 2019 to -2; this is two points lower than in June 2018.

Savings Index

The savings index has increased three points in June to +19; this is 11 points higher than at this time last year.

Source : Insight DIY Team and GfK

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28 June 2019

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