United Kingdom Consumer Confidence July 2020

United Kingdom

United Kingdom: Consumer confidence picks up in July but remains depressed

July 24, 2020

The consumer confidence index rose from minus 30 in June to minus 27 in July, driven by less pessimism regarding consumers’ personal financial situation, and the general economic situation for the year ahead. That said, consumer sentiment was still gloomy, hinting at still-restrained private consumption at the outset of Q3.

Joe Staton, GfK’s client strategy director, commented:

“There’s been little to boost the public’s mood as the cost of the pandemic to the UK’s economy is becoming apparent [amid] significant job losses and the end of the furlough scheme.”

FocusEconomics Consensus Forecast panelists see private consumption contracting 10.2% in 2020, which is down 1.1 percentage points from last month’s forecast, before rising 6.6% in 2021.


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United Kingdom Consumer Confidence Chart

United Kingdom Consumer Confidence July 20 20

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

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