Consumer confidence declines in June
Consumer confidence declined in June as people became more concerned about the economy and their personal finances.
GfK’s long running Consumer Confidence Index fell by three points to -13.
The measure for expectations for the general economic situation over the next 12 months decreased by four points to -33; this is eight points lower than June 2018.
Meanwhile, the measure for the forecast for personal finances for the same period dropped by three points to 2 to mark a four point decline on the same month last year.
Joe Staton, client strategy director at GfK, said: “With all measures falling across the board this month, we revert to the overall index score of -13 that we saw four times already this year. Perhaps scores clustered around -13 are to be the ‘New Normal’ for consumer confidence?”
There was also a fall in the major purchase index which decreased by three points to -2; this is two points lower than the same month last year.
Staton added: “While UK consumers continue to remain concerned about the wider economy, over which the woman or man in the street has no control, of greater worry are the falls in the measures for personal finance. These better reflect our hopes and fears for our everyday financial futures and this, coupled with a decline in the major purchase index, could point to a turbulent time for the economy over the summer months.”
