UK consumer confidence holds steady

GfK’s long-running Consumer Confidence Index has remained at -27 for July, with three measures of confidence were up and two measures down on the fourth Covid-19 flash of 3 July.

Joe Staton, GfK’s client strategy director, said: “There’s been little to boost the public’s mood as the cost of the pandemic to the UK’s economy is becoming apparent. Amidst significant job losses and the end of the furlough scheme, it is perhaps surprising Consumer Confidence has held steady at -27 this month.

“Many people have been savvy and saved money during lockdown, as the most recent GDP figures show. That could explain the one bright spark on the horizon – the three-point uptick in consumer expectations for the financial position of their households in the next 12 months. The way we perceive our ’future wallets’ is key as it’s the one area over which we have day-to-day control and is a good indicator of our personal financial outlook for the year to come.”

The Covid-19 flash report was conducted among 2,000 individuals aged 16-years-old and over.