UK consumer confidence remains stable

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Consumer confidence remained steady at -9 in June, new research reveals.

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GfK’s long-running Consumer Confidence Index shows four measures of confidence rose in June in comparison to the figures for May and one measure was down.

Joe Staton, client strategy director GfK, said: “While the shifting sands of an end to lockdown might be the closest most of us get to a summer beach holiday, consumer confidence remains stable at -9 after 16 months of a Covid-induced roller-coaster. A repetition of last month’s score doesn’t mean confidence is about to nose-dive. The upwards trajectory for the Index since the dark days at the start of the pandemic is currently still on track. However, forecasts for rising retail price inflation could weaken consumer confidence quickly and that may account for the six-point dip in June in our measure for the wider economy in the coming year.

“On a more positive note, we have strong numbers for our personal financial situation, both for the past year and the year to come. In addition, this month’s further improvement in the Major Purchase Index – the third month in a row – could see shoppers spending in anticipation of a staycation summer.”

The UK Consumer Confidence Barometer is conducted among a sample of 2,000 individuals aged 16 and over on behalf of the European Commission.