United Kingdom Consumer Confidence

United Kingdom

United Kingdom: Consumer confidence bounces back in August

August 29, 2014

In August, the GfK NOP consumer confidence indicator rose to 1 point, which was up from the minus 2 points recorded in July and marked a return to positive territory.

August’s figure was driven by improving expectations in all the components that make up the index. Consumers’ views of their personal financial situations in the past and their expectations regarding their future financial conditions improved over July. In addition, households were more optimistic regarding the general economic situation; their perceptions regarding the previous 12 months and the next 12 months both improved. However, households’ assessments of future financial conditions are being affected by the increasingly likelihood that the Bank of England will carry out a rate hike in the coming months, which could tighten access to credit and increase mortgage payments.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.3% in 2014, which is unchanged over last month’s estimate. For 2015, the panel sees private consumption expanding 2.1%.

Author:, Senior Economist

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United Kingdom Consumer Confidence Chart

United Kingdom Consumer Confidence August 2014

Note: GfK Consumer Confidence Index.
Source: The GfK Group.

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