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GfK’s long-running Consumer Confidence Index decreased three points in August to -44. All five measures were down in comparison to the July 22nd announcement.
Joe Staton, Client Strategy Director, GfK says: “The Overall Index Score dropped three points in August to -44, the lowest since records began in 1974. All measures fell, reflecting acute concerns as the cost-of-living soars. A sense of exasperation about the UK’s economy is the biggest driver of these findings.
"Our sub-measure on the general economy over the past year has decreased month-on-month since December 2021 – that’s eight months in a row. A similar consistent sharp decline since December 2021 is evident in how consumers see the economy a year ahead and this month’s score of -60 sets a new record.
"These findings point to a sense of capitulation, of financial events moving far beyond the control of ordinary people. With headline after headline revealing record inflation eroding household buying power, the strain on the personal finances of many in the UK is alarming. Just making ends meet has become a nightmare and the crisis of confidence will only worsen with the darkening days of autumn and the colder months of winter.”
The Overall Index Score decreased three points in August to -44. All five measures were down in comparison to the July 22nd announcement.
The index measuring changes in personal finances over the last 12 months fell two points to -25; this is 25 points worse than August 2021.
The forecast for personal finances over the next 12 months has decreased five points to -31; this is 42 points lower than this time last year.
The measure for the general economic situation of the country during the last 12 months is down two points at -68; this is 26 points lower than in August 2021.
Expectations for the general economic situation over the coming 12 months have deteriorated with a three-point drop to -60; this is 54 points lower than August 2021.
The Major Purchase Index decreased by four points in August to -38; this is 35 points lower than this month last year.
The Savings Index is up five points this month at +18; this is seven points lower than this time last year.
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About the survey
Personal Financial Situation
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
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
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)
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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