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London, June 23rd, 2023, 23.06.2023

Consumer confidence improves by a further three points in June

Growing optimism on personal finances for the coming year despite stubborn inflation 

GfK’s long-running Consumer Confidence Index increased three points to -24 in June. Three measures were up, one was down and one was unchanged in comparison to last month’s announcement.

 
Joe Staton, Client Strategy Director, GfK, says: “Despite the fierce economic headwinds of the cost-of-living crisis, double-digit grocery price increases, and the mortgage squeeze severely impacting both homeowners and renters alike, the UK Consumer Confidence Index has improved by another three points in June, the fifth monthly improvement in a row. The most telling finding is how we see our personal financial situation in the coming year – the money going in and out of our bank accounts – which shows a healthy seven-point increase. This is a whisker away from pushing into positive territory, something we have not seen since December 2021, and it’s also the third consecutive monthly increase – all of which is good news for the future. Consumers are showing remarkable resilience in the face of inflation that is currently refusing to yield. This is the best showing for the Overall Index Score for the past 17 months and, if consumers continue to weather the current economic storm, then this will provide a firm foundation for getting back to growth.”
 

UK Consumer Confidence Measures – June 2023

The Overall Index Score increased three points to -24 in June. Three measures were up, one was down and one was unchanged in comparison to last month’s announcement.  

Personal Financial Situation 

The index measuring changes in personal finances during the last 12 months is up five points at -15; this is eight points better than June 2022.  
The forecast for personal finances over the next 12 months increased seven points to -1, which is 27 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 unchanged at -54; this is 11 points higher than in June 2022.   
Expectations for the general economic situation over the next 12 months have increased by five points to -25; this is 32 points better than June 2022. 

Major Purchase Index 

The Major Purchase Index is down one point to -25; this is 10 points higher than this month last year. 

Savings Index

The Savings Index is up six points to +25; this is 16 points higher than this time last year.
 
Ends
 

 

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Notes to editor

Please source all information to GfK.

Press contact: for further details or to arrange an interview, please contact Greenfields Communications: 

Stuart Ridsdale E: stuart@greenfieldscommunications.com T +44 (0) 7790 951229  

Lucy Green E: lucy@greenfieldscommunications.com T +44 (0) 7817 698366

 
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+ in the UK.
  • Quotas are imposed on age, sex, region and social class to ensure the final sample is representative of the UK population.
  • Interviewing was conducted between June 1st and June 14th 2023.
  • 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.
  • Press release dates for the remainder of 2023 are: July 21st; Aug 25th; Sept 22nd; October 20th; November 24th; and December 15th.
  • 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 is 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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