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London, 22.07.2022

UK confidence remains at historic low of -41 in July

GfK’s long-running Consumer Confidence Index was flat in July at -41. Two measures were up, one was down and two were the same in comparison to the June 24th announcement.

Joe Staton, Client Strategy Director, GfK says: “Consumer confidence remains severely depressed this month as the impact of soaring food and fuel prices and rising interest rates continues to darken the financial mood of the nation. Despite a two-point uptick in our hopes for our personal financial situation for the next 12 months, which might reflect optimism over imminent change at the top of the UK government, the overall index languishes at a historic low amid acute concerns for the general economic situation. Against this financial backdrop, the UK electorate is looking for a new leadership with a commitment to unleashing growth, tackling inflation and cutting taxation. The successful candidate will need to deliver a much-needed shot in the economic arm of the country if they are to help improve consumer confidence.”        

UK Consumer Confidence Measures – July 2022

The Overall Index Score was flat in July at -41. Two measures were up, one was down and two were the same in comparison to the June 24th announcement

Personal Financial Situation

The index measuring changes in personal finances over the last 12 months stayed the same at -23; this is 22 points worse than July 2021. 

The forecast for personal finances over the next 12 months has increased two points to -26; this is 37 points lower than this time last year.

General Economic Situation

The measure for the general economic situation of the country during the last 12 months is down one point at -66; this is 23 points lower than in July 2021.  

Expectations for the general economic situation over the coming 12 months have stayed the same at -57; this is 52 points lower than July 2021.

Major Purchase Index

The Major Purchase Index increased by one point in July to -34; this is 36 points lower than this month last year.

Savings Index

The Savings Index is up four points this month at +13; this is seven points lower than this time last year.

Download the data charts for July 2022

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About the survey

  • The UK Consumer Confidence Barometer is conducted by GfK.
  • This month’s survey was conducted among a sample of 2,000 individuals aged 16+.
  • Quotas are imposed on age, sex, region and social class to ensure the final sample is representative of the UK population.
  • Interviewing was carried out between July 1st and July 12th 2022.
  • The figures contained within the Consumer Confidence Barometer have an estimated margin of error of +/-2%.
  • The Overall Index Score is calculated using underlying data that runs to two decimal points.
  • The confirmed date of the next press release is August 19th 2022. The dates for the remainder of the year: September 23rd 2022; October 21st 2022; November 25th 2022; December 16th 2022.
  • Any published material requires a reference to GfK e.g. ‘Research carried out by GfK’.
  • This study has been running since 1974. Back data is available from 2006.
  • The table below provides an overview of the questions asked to obtain the individual index measures:

Personal Financial Situation

(Q1/Q2)

This index is based on the following questions to consumers: ‘How has the financial situation of your household changed over the last 12 months?’

‘How do you expect the financial position of your household to change over the next 12 months?’ (a lot better – a little better – stay(ed) the same – a little worse – a lot worse)

General Economic Situation

(Q3/Q4)

This index is based on the following questions to consumers: ‘How do you think the general economic situation in this country has changed over the last 12 months?’

‘How do you expect the general economic situation in this country to develop over the next 12 months?’

(a lot better – a little better – stay(ed) the same – a little worse - a lot worse)

Major Purchase Index

(Q8)

This index is based on the following question to consumers: ‘In view of the general economic situation, do you think now is the right time for people to make major purchases such as furniture or electrical goods?’

(right time – neither right nor wrong time – wrong time)

Savings Index

(Q10)

 

This index is based on the following question to consumers: ‘In view of the general economic situation do you think now is?’ (a very good time to save – a fairly good time to save – not a good time to save – a very bad time to save)

(Commented on but not included in the Index Score)

 



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