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Consumer confidence remains static despite the Jubilee

Consumer confidence remained static this month in spite of an expected uplift as a result of the Jubilee celebrations.

The GfK UK Consumer Confidence Index stayed at -29 as poor weather offset any potential upturn in confidence sparked by the bank holiday.

However the climate for major purchases has improved, which will give hope to under pressure big ticket retailers, increasingby four points this month to -28 although this is one point lower than this time last year.

The measure for the general economic situation of the country during the last twelve months has stayed the same at -58; this is eight points lower than June 2012.

An expectation for the general economic situation over the next twelve months has decreased by five points to -31, 13 points lower than June 2011.

Nick Moon, managing director of social research at GfK, said: “Any suggestions that consumer confidence would receive a ‘Royal bounce’ from the Jubilee, as it did from William and Kate’s wedding last year, have been proven wrong.”

He added: “There has never been a year where the figures have remained so flat. The stagnant level of consumer confidence suggests that the public is stuck in a period of constant depression, which it is finding very hard to snap out of.

“While the current position is better than it was at the depths of the financial crisis in 2008, the figures do mark a dispiriting new type of low. Consumer confidence has been at -29 or worse for an entire 12-month spell – the worst run in its 40-year history.”

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