The index found that its major purchase index, which examines whether now is the right time to make a major purchase, was up seven points from the previous month, albeit still in negative territory at -16.

The savings index, which determines whether now is the correct time to save money, was also up five points to a positive score of 27.

The index measuring changes in personal finances during the last year was up two points at -8, and 12 points better than in July 2023, while the forecast for personal finances over the next 12 months was down one point at three, which is 10 points higher than this time last year.

The measure for the general economic situation over the past year was unchanged at -32 – 26 points higher than in July 2023 – and expectations for the economy for the year ahead was also unchanged at -11, albeit 22 points better than in July 2023.

The findings are based on a nationally representative survey of 2,005 UK adults carried out between 28^th June and 12^th July.

Joe Staton, client strategy director at GfK, said: “The seven-point uptick in the major purchase index is potentially good news for retailers that could translate into improved footfall in the months to come.

“But the consumer view on the UK’s wider economy has paused with scores that are identical to last month. Two important events during the survey period (UK general election result on 5th July, and England sealing its place on 10^th July in the UEFA Euro 2024 final) could have boosted the national mood but appear to have had limited positive impact.

“July’s consumer confidence poll suggests a note of caution as people wait to see exactly how the UK’s new government will affect the wider economy and their personal finances.”