United Kingdom: Consumer confidence eases in August
August 20, 2021
Consumer confidence came in at minus 8.0 in August, down from July's minus 7.0. The fall came on the back of a deterioration in consumers' assessments of the general economic situation over the next 12 months. In contrast, sentiment regarding their financial situation over the next 12 months was unchanged. Meanwhile, consumers grew less willing to make major purchases.
Regarding August’s reading, Joe Staton, GfK’s client strategy director, stated:
“Interestingly, this month the five-point fall in the major purchase index is counterbalanced by the five-point rise in the savings index, suggesting that consumers could be considering switching into saving rather than spending. Indeed, UK consumers have built their savings to record levels during Covid. With the economy continuing to open up and GDP bouncing back, the overall picture for the economic health of the nation is looking good for the remainder of 2021.”