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United Kingdom Consumer Confidence July 2019

United Kingdom: Consumer sentiment edges up in July but remains gloomy

The GfK consumer confidence indicator registered minus 11 points in July, up from June’s minus 13 points. However, the index remained in negative territory, where it has been since April 2016, highlighting that consumers are broadly pessimistic.

July’s reading was driven by rosier sentiment regarding personal finances and the future general economic situation. Consumers also grew more willing to make major purchases.

According to Joe Staton, Client Strategy Director at GfK: “Although it’s too soon to judge any impact of a post-Boris bounce, we can report a boost in attitudes to our personal financial situation in the face of low interest rates and day-to-day inflation, a buoyant labour market and growth in real wages [… ] This mirrors the ongoing resilience in consumer spending, a key driver of economic growth and stable retail sales figures. Consumers have generally been less affected by Brexit uncertainties than business since the Referendum. However, the coming months to the October 31st departure date will test the strength of this confidence.”

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