Consumer confidence up for third consecutive month

Among the results, confidence in the general economic situation over the past year was up seven points from May to a score of -32.

Confidence in the general economic performance of the country over the next 12 months also increased by six points to -11, GfK said.

However, there was a three-point fall in confidence in personal financial situation over the coming year, albeit still with a positive score of four, and views of personal finances over the previous 12 months remained unchanged at -10.

The Major Purchase Index, which measures whether now is a good time to make a major purchase, is up three points to -23, and is two points higher than in June 2023.

But the Savings Index fell five points in June, albeit to a positive score of 22. This is three points lower than this time last year.

The results are based on a nationally representative sample of 2,011 UK adults carried out between 31st May and 14th June 2024.

Joe Staton, client strategy director at GfK, said: “While June’s reading of -14 is the third month in a row that confidence has increased, the headline score remains negative owing to the difficulties so many have experienced as the unrelenting cost-of-living crisis batters household budgets.

“Nevertheless, consumer confidence continues its robust long-term upward trend this month, and has recovered significantly since the record low of -49 reached in September 2022. Consumers like financial certainty, and this has to be the cornerstone if we are to see confidence break out into positive territory.”