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London, 25.06.2021

UK consumer confidence stable at -9 in June

Brighter picture for personal finances but is the threat of inflation clouding prospects for the economy?

GfK’s long-running Consumer Confidence Index stayed at -9 in June. Four measures were up in comparison to the May 21st announcement and one measure was down.

Joe Staton, Client Strategy Director GfK, says: “While the shifting sands of an end to lockdown might be the closest most of us get to a summer beach holiday, consumer confidence remains stable at -9 after 16 months of a COVID-induced roller-coaster. A repetition of last month’s score doesn’t mean confidence is about to nose-dive. The upwards trajectory for the Index since the dark days at the start of the pandemic is currently still on track. However, forecasts for rising retail price inflation could weaken consumer confidence quickly and that may account for the six-point dip in June in our measure for the wider economy in the coming year. On a more positive note, we have strong numbers for our personal financial situation, both for the past year and the year to come. In addition, this month’s further improvement in the Major Purchase Index – the third month in a row – could see shoppers spending in anticipation of a staycation summer.”

UK Consumer Confidence Measures – June 2021

The Overall Index Score stayed at -9 in June. Four measures were up in comparison to the May 21st announcement and one measure was down

Personal Financial Situation

The index measuring changes in personal finances over the last 12 months is up four points at 0; this is nine points better than June 2020.

The forecast for personal finances over the next 12 months is one point higher this month at +11; this is 15 points higher than this time last year.

General Economic Situation

The measure for the general economic situation of the country during the last 12 months is up one point at -47; this is 12 points higher than in June 2020.  

Expectations for the general economic situation over the coming 12 months have dropped by six points to -2; but this is still 46 points higher than June 2020.

Major Purchase Index

The Major Purchase Index has improved by two points to -5 in June; this is 27 points higher than it was this month last year.

Savings Index

The Savings Index is down one point to +21 in June; this is five points higher than this time last year.

Download the latest UK Consumer Confidence Barometer charts:

21-06_GfK-UK-Consumer-Confidence-Barometer_Charts_June-2021.pdf

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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 June 1st and June 15th 2021.
  • 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 23rd. The remaining dates for 2021 are: August 20th, September 24th, October 22nd, November 19th and December 23rd. 
  • 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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