Consumer confidence during August recovered slightly following a huge post-Brexit dip, according to the GfK consumer confidence index.
The index climbed to -7.5 in August, up from -9.2 in July, but still way down on pre-Brexit figures of -1.2 in June. Figures showed strong high street sales in July, a stronger stock market, low interest rates and an increase in employment had helped improve the figure.
Joe Staton, a spokesman for GfK said the rise in confidence was down to the “wait and see reality of a post-Brexit, pre-exit UK. The uptick in confidence is driven by good news from hard data, the combination of historic low interest rates matched with falling prices and high levels of employment.”
The study also found that the savings index fell by 16 points, and the major purchase index, which monitors big spends on items such as cars, jumped by 9 points to +7.
”We Brits are clearly determined to carry on shopping for today rather than saving for tomorrow,” commented Staton.
The GfK’s findings echo the results of a separate survey, published last week, which also found consumer confidence to be on the rise.