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Consumer confidence edges up

Consumer confidence crept up in July as some of the concerns about the country’s economic situation eased. However, the overall confidence score remains firmly negative.

The GfK Consumer Confidence Index score for July 2019 was -11, up from -13 in June.

In July 2018, the score was -10. 

Joe Staton, client strategy director at 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 [following the appointment of new prime minister Boris Johnson], 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.

”This confidence is further reflected in a six-point jump in the major purchase Index (“do you think now is the right time for people to make major purchases?”). This mirrors the ongoing resilience in consumer spending, a key driver of economic growth and stable retail sales figures. Consumers have generally been less affected by Brexit uncertainties than business since the referendum.

”However, the coming months to the 31 October departure date will test the strength of this confidence. Will consumers greet the Halloween Brexit deadline with hurrahs or howls?””

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