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Three weeks after the general election, UK Consumer Confidence decreases five points to -10

  • Major Purchase measure plunges eight points
  • Consumers worried about what the coming year will bring

GfK’s long-running Consumer Confidence Index decreased five points to  - 10 in June.  All five measures decreased this month.

Joe Staton, Head of Market Dynamics at GfK, says:

“This month’s survey covers the period before and after the UK general election and reveals a sharp drop in confidence among consumers across all measures. The Overall Index Score is just two points away from last year’s post-Referendum low of -12. We have falls this month reflecting negative sentiment about our personal financial situation and expectations for the wider economy.

The scores on the general economic situation looking forward and back 12 months are now particularly weak. All this concern will worry the UK’s retailers, with this month’s plunge in the Major Purchase Index (down eight points) reflecting our increased caution over non-food spending and our softening appetite for debt. Strong consumer spending has propped up the economy since last June but now the twin pressures of higher prices and sluggish wage growth are squeezing household finances and adding to widespread fears of a Brexit-induced economic slowdown.”

UK Consumer Confidence Measures – June 2017
The Overall Index Score in June is -10.  All five constituent measures decreased this month with the biggest drop occurring in the Major Purchase Index.

Personal Financial Situation
The index measuring changes in personal finances during the last 12 months has decreased by three points this month to -1; this is seven points lower than this time last year.
The forecast for personal finances over the next 12 months has decreased four points this month to 0; this is eight points lower than June 2016.

General Economic Situation
The measure for the General Economic Situation of the country during the last 12 months has decreased five points to -25; this is 12 points lower than June 2016. 
Expectations for the General Economic Situation over the next 12 months have decreased two points this month to -23; this is nine points lower than June 2016.

Major Purchase Index
The Major Purchase Index has decreased eight points this month to +1; this is eight points lower than June 2016.

Savings Index
The Savings Index has decreased one point to +4; this is one point lower than June 2016.

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