UK consumer confidence continues to build
By Abigail Townsend
Date: Friday 23 Jun 2023
(Sharecast News) - UK consumer confidence continued to push higher in June, a survey showed on Friday, despite the ongoing cost-of-living squeeze.
The latest consumer confidence index from GfK showed a three-point rise in June to -24. While still in negative territory, the index is now well above the same month a year previously, when it was -41.
It is also the fifth consecutive increase, and the best showing for 17 months.
Within that, the personal financial situation measure for the coming year jumped seven points to -1, while the forward-looking general economic situation rose five points to -25.
The major purchase index, however, dipped a point to -25.
Joe Staton, client strategy director at GfK, said: "Despite the fierce economic headwinds of the cost-of-living crisis, double-digit grocery price increases and the mortgage squeeze severely impacting both homeowners and renters alike, the index improved by three points.
"Consumers are showing remarkable resilience in the face of inflation that is currently refusing to yield.
"If consumers continue to weather the current economic storm, this will provide a firm foundation for getting back to growth."
The survey was carried out before the Bank of England's latest decision on interest rates, which saw the Monetary Policy Committee on Thursday up the cost of borrowing by a larger-than-expected 50 basis points, to 5%. Inflation currently stands at 8.7%, unchanged on the previous month.
A total of 2,000 people aged 16 and over were surveyed by GfK between 1 and 14 June.
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