UK Consumer Confidence Slips Again in July 2018
UK Consumer Confidence has dipped again, with the Overall Index Score now standing at -10 in July 2018, according to GfK's latest survey. This marks a one-point decrease from the previous month.
The index measuring personal finances over the last 12 months showed a slight improvement, rising one point to +1. However, expectations for the general economic situation over the next 12 months continued to decline, dropping one point to -26. This persistent pessimism is likely due to concerns about both personal financial situations and the broader economic outlook.
The Savings Index also increased, up one point to +9 in July. Conversely, the Major Purchase Index slipped below zero, reaching -2. This indicates that consumers are hesitant about making large purchases, which could impact retail sales. The General Economic Situation measure remained unchanged at -28, reflecting ongoing uncertainty.
The long-standing slump in consumer confidence continues, with the Overall Index Score having been at zero or negative since February 2016. While there were some minor improvements in personal finance expectations, the overall outlook remains gloomy. The UK consumer remains cautious, as evidenced by the dip in the Major Purchase Index, which could have implications for economic growth.
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