No change in overall UK consumer confidence in August
While the total August consumer confidence score stayed the same as July’s, three measures were up and two were down in comparison to last month’s announcement.
The index measuring changes in personal finances during the last year increased one point to -7, which is eight points better than August 2023.
The forecast for personal finances over the next 12 months was up three points from July to a positive score of six, which is nine points higher than this time last year.
The measure for the general economic situation of the country during the last 12 months was down three points in August at -35, albeit 17 points higher than in August 2023.
Expectations for the general economic situation over the next 12 months were down four points at -15, but was still 15 points better than in August 2023.
The major purchase index, which examines whether now is a good time to make a major purchase, rose three points to -13 and was 11 points higher than this month last year.
Meanwhile, the savings index increased six points to a positive score of 33, and was six points higher than in August 2023.
The August survey used a nationally representative sample of 2,003 UK adults, with interviewing carried out between 1st August and 5th August.
Joe Staton, client strategy director at GfK, said: “On the one hand, our expectations for the UK’s economy are down for the first time since February, with this measure registering a four-point decrease to -15. There’s a three-point drop in how consumers view the economy last over the past year too.
“At the same time, there are strong personal financial expectations for the coming year with a three-point uptick in this measure to +6. This more positive outlook may be due to a mortgage friendly interest rate cut at the beginning of August – and hopes of more to come.
“The wider point beyond the contrasts is that all the key numbers this month are significantly more encouraging than 12 and 24 months ago. But as we move into autumn and winter, how much further will this slow improvement in the mood of the nation run?”
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