UK consumer confidence slumps in June
UK consumer confidence slumped again this month as the public took a negative view of their personal finances and the economy.
The overall index score for consumer confidence dropped by three points to -13 for fourth time this year in June. The score was down four places year-on-year.
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All five metrics used to calculate the index score declined last month.
Consumers’ view of their personal financial situation fell four places from three to -1, while expectations for the general economic situation in the next year also dropped four from -29 to -33.
Confidence in personal financial situation over the last 12 months and over the next 12 months both lost four points year-on-year.
GfK client strategy director Joe Staton said the -13 score could be the “new normal” for consumer confidence.
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“While UK consumers continue to remain concerned about the wider economy, over which the woman or man in the street has no control, of greater worry are the falls in the measures for personal finance,” Staton said.
“These better reflect our hopes and fears for our everyday financial futures and this, coupled with a decline in the Major Purchase Index, could point to a turbulent time over the summer months.”