United Kingdom Consumer Confidence

United Kingdom

United Kingdom: July marks first drop in consumer confidence in six months

August 1, 2014

In July, the GfK NOP consumer confidence indicator fell to minus 2 points, which was down from the plus 1 point recorded in June. As a consequence, the indicator dipped into negative territory after having reached positive territory in the previous month. In addition, the print marked the first drop in six months, although it remains to be seen if this interruption in the virtually-uninterrupted upward trend will continue or if it is just a temporary setback.

July’s drop came on the back of an across-the-board deterioration. All the components that make up the index registered deteriorations with respect to the previous month. Among the categories in which consumer confidence registered the strongest drops was the perception of the general economic situation in both last month and the next 12 months. Consumers also were more pessimistic regarding their past and future financial conditions, and did express less willingness to make big-ticket item purchases. That said, the index is still resting near June’s print, which had marked the highest value since 2005.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.3% in 2014, which is unchanged over last month’s estimate. For 2015, the panel sees private consumption expanding 2.1%.


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United Kingdom Consumer Confidence Chart

United Kingdom Consumer Confidence July 2014

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

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