United Kingdom: Consumer confidence eases in July
Consumer confidence fell to minus 30.0 in July from June’s minus 24.0. As such, the index remained entrenched below the 0-point threshold, signaling pessimism among consumers.
The lower reading was broad-based, with every component of the index deteriorating.
Joe Staton, Client Strategy Director at GfK, said:
“For the first six months of 2023, UK consumer confidence improved despite the headwinds of the cost-of-living crisis, with double-digit inflation outpacing income growth and rising interest rates impacting both home-owners and renters alike. Suddenly, this resilience has collapsed, resulting in a six-point fall this month in the headline score. There are clear concerns for the coming year for our personal finances and for the wider UK economy, with these measures down six and eight points, respectively.”