UK consumer confidence jumps three points in August to -7

The GfK’s long-running consumer confidence index showed an increased of three points to -7 in August 2018.

The index which measures changes in personal finances during the last 12 months has also increased by three points this month to +4, two points higher compared with the same period time last year. The forecast for personal finances over the next 12 months increased one point to +8.

Additionally, the measure for the general economic situation of the country during the last 12 months has increased two points to -26, four points higher than August 2017.

Joe Staton, client strategy director at GfK, said: “Consumers are no doubt aware of the incessant Brexit noise, the core debate about whether ‘no deal is better than a bad deal’, the accompanying threats, warnings and uncertainties, the wild hopes and dark fears, and the daily ups and downs.

“But are consumers putting their hands over their ears and quietly saying: let’s just wait-and-see? We are just months away from the Brexit crunch but there is no sign (yet) of any crash in consumer confidence. Yes, the core index continues to muddle along in negative territory, but Armageddon seems a distant prospect.”