UK consumer confidence stays flat

The overall index score stayed at -9, the same level recorded in May, with four measures increasing and one measure down in the past month. In June 2020, the overall score was -30.

The measure tracking changes in people’s personal finances over the past 12 months has increased by four points in June to 0 – nine points up on this time last year.

People’s view of their finances over the next year improved slightly, up one point to +11.

The index assessing views on the country’s general economic situation over the past 12 months also increased by one point.

The outlook for the general economy in the year ahead worsened, with a drop of six points to -2 – however, this is 46 points higher than June 2020.

Joe Staton, client strategy director, GfK, said: “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.”

The major purchase index, looking at whether people think now is a good time to be spending money on bigger items, also increased by two points in June to -5, according to GfK.

Staton added: “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.”

Interviewing was carried out between 1^st-15^th June among a sample of 2,000 UK individuals aged 16+.