United Kingdom: Consumer confidence worsens in July
July 29, 2011
In July, the seasonally adjusted consumer confidence index elaborated by GfK NOP declined 5 points over the previous month to settle at minus 30 points, coming in below market expectations that had seen the index falling to minus 26 points. The July decrease in consumer sentiment reflected a deterioration in all five elements of the index. Most notably, respondents to the survey expect general economic situation over the next 12 months to worsen, with the index declining by 9 points. In addition, the personal financial situation over the next 12 months was also viewed more negatively, with the corresponding index falling by 4 points. Furthermore, the climate for major purchases index remains subdued and declined 3 points. Deteriorating consumer sentiment augurs ill for private consumption in the near term.