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London, 24.06.2022

UK Confidence sinks to -41 in June to set new record low

GfK’s long-running Consumer Confidence Index decreased one point to -41 in June, setting a new record low. Four measures were down in comparison to the May 20th announcement, and one was flat. 

Joe Staton, Client Strategy Director, GfK says: “With a headline score of -41 for June, the GfK Consumer Confidence Barometer has set a record low for the second successive month. The four scores on our personal finances and the wider UK economic picture have all dropped and our measure on major purchase intentions is flat. With prices rising faster than wages, and the prospect of strikes and spiralling inflation causing a summer of discontent, many will be surprised that the index has not dropped further. The consumer mood is currently darker than in the early stages of the Covid pandemic, the result of the 2016 Brexit referendum, and even the shock of the 2008 global financial crisis, and now there’s talk of a looming recession. One thing is for sure, Britain faces a stark new economic reality and history shows that consumers will not hesitate to retrench and tighten their purse strings when the going gets tough.”

UK Consumer Confidence Measures – June 2022

The Overall Index Score decreased one point to -41 in June, setting a new record low. Four measures were down in comparison to the May 20th announcement, and one was flat.

Personal Financial Situation

The index measuring changes in personal finances over the last 12 months has decreased one point to -23; this is 23 points worse than June 2021. 

The forecast for personal finances over the next 12 months has decreased three points to -28; this is 39 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 two points at -65; this is 18 points lower than in June 2021.  

Expectations for the general economic situation over the coming 12 months have dropped by one point to -57; this is 55 points lower than June 2021.

Major Purchase Index

The Major Purchase Index stayed the same in June at -35; this is 30 points lower than this month last year.

Savings Index

The Savings Index is down one point this month at +9; this is 12 points lower than this time last year.

Download the data charts for June 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 2,002 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 June 1st and June 14th 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 July 22nd 2022. The dates for the remainder of the year: August 19th 2022; 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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