2023-07-21 03:02:24 ET
The GfK Consumer Confidence indicator in the UK fell to -30 in July 2023 from -24 in June, declining for the first time in six months as persistent inflation and rising interest rates continued to weigh on sentiment.
Forecasts for personal finances and the wider UK economy over the coming year were down six and eight points, respectively, though remaining well above year-ago levels.
The major purchase index was also down seven points as consumers pared back spending on big ticket items. Joe Staton, client strategy director at GfK said: “For the first six months of 2023, UK consumer confidence improved despite the headwinds of the cost-of-living crisis, with double-digit inflation outpacing income growth and rising interest rates impacting both homeowners and renters alike. Suddenly, this resilience has collapsed, resulting in a six-point fall this month in the headline score.”
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UK consumer confidence fell to -30 in July, drops first time in six months