EconomyHigh Street

Consumer confidence increases by two points in July

Consumer confidence rose by 2 overall to -11 for the month of July, according to GFK’s Consumer Confidence Index.

Personal finance situation for the next 12 months continues to recover, +5 for the month, matching the same period last year. The major purchase index increased six points in July to +4, six points higher than the same period last year.

Expectations for the general economic situation over the next 12 months have increased one point to -32; this is six points lower than last year. The savings index has recorded further growth, +6 for the month to 25, up 16 points on July last year.

Joe Staton, client strategy director, GfK, said: “Pre-Brexit consumers are marginally more bullish this month with improvements in levels of confidence across most measures.

“Although it’s too soon to judge any impact of a post-Boris bounce, we can report a boost in attitudes to our personal financial situation in the face of low interest rates and day-to-day inflation, a buoyant labour market and growth in real wages.”

Staton added: “This confidence is further reflected in a six-point jump in the Major Purchase Index. This mirrors the ongoing resilience in consumer spending, a key driver of economic growth and stable retail sales figures.”

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