UK consumer confidence returns to upwards climb in August
Joe Staton, client strategy director GfK, said: 'Although the headline figure remains strongly negative at -25, hopes for our personal financial situation for the coming year are heading back towards positive territory.'
The UK consumer confidence index rose by five points in August, bringing sentiment to -25, compared to a sentiment score of -44 in August last year, according to data from GfK.
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The index has been consistently climbing since the start of 2023 until last month, during which the index dropped by six points.
Within the overall index, there were particular improvements in the major purchase index, which rose by eight points last month, as well as the view of the general economic situation over the last year, which increased by six points.
By contrast, the savings index rose by only one point, while the view of the general economic situation over the next year rose by three pints. However, this is still 30 points higher than its August 2022 level.
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Joe Staton, client strategy director at GfK, said: «Although the headline figure remains strongly negative at -25, hopes for our personal financial situation for the coming year are heading back towards positive territory, a metric that is key to indicating the future financial position of households.
»This renewed optimism can also be seen in the similar turnaround for our view on the general economic outlook for the next 12 months, and the eight point advance in major purchase intentions is potentially better news for retailers as we move into autumn.
«However, while the financial pulse of the nation is still weak, these signs of optimism are welcome during
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