UK Consumer Confidence Remains Stable In June: GfK

UK consumer sentiment remained unchanged in June, survey results from market research group GfK showed on Friday.

The consumer confidence index held steady at -9.0 in June, while it was forecast to rise to -7.0.

“A repetition of last month’s score doesn’t mean confidence is about to nose-dive,” Joe Staton, client strategy director at GfK, said.

The upwards trajectory for the Index since the dark days at the start of the pandemic is currently still on track, Staton said. However, forecasts for rising retail price inflation could weaken consumer confidence quickly.

Four measures of the index were up in comparison to the previous month, while one measure was down.

The index measuring past changes in personal finances gained four points to zero. The forecast for personal finances over the next year rose only one point to +11.

The measure for the general economic situation over the last year edged up one point to -47, while the expectations for the general economic situation over the coming twelve months dropped by six points to -2.

The Major Purchase Index improved by two points to -5 and the Savings Index was down one point to +21 in June.

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