UK consumer confidence pushes higher - GfK

20th Jun 2024 07:17

(Sharecast News) - UK consumer confidence strengthened in June, a long-running survey showed on Friday, as hopes for the economic recovery gained ground.

The latest UK consumer confidence index from GfK was -14, up three points on May and well above June 2023, when it was -24.

Within that, confidence in the economic situation over the next year jumped six points to -11.

Respondents also adopted a more positive overview of the economy over the last 12 months, with the measure ahead seven points at -32.

The forward-looking personal financial situation measure dipped three points, however, to 4. The major purchase index, meanwhile, rose three points to -23.

Joe Staton, client strategy director at GfK, said: "While June's reading of -14 is the third month in a row that confidence has increased, the headline score remains negative owing to the difficulty so many have experienced, as the unrelenting cost of living crisis batters household budgets.

"Nevertheless, consumer confidence continues its robust long-term upwards trend this month, and has recovered significantly since the record low of -49, in September 2022.

"Consumers like financial certainty, and this has to be the cornerstone if we are to see confidence to break out into positive territory."

A total of 2,011 adults aged 16 and over were interviewed between 31 May and 14 June.