GfK’s UK Consumer Confidence Index has increased three points to 7 in August. Four of the measures used to calculate the index saw increases this month, and one measure saw a one-point decrease.
Joe Staton, head of market Dynamics at GfK, says: “Consumers continue to report higher levels of confidence this month maintaining the positive growth curve we’ve seen since the start of 2015. Rising house price inflation and improving employment growth prospects, combined with falling petrol prices and day-to-day living costs, as well as low interest rates, are translating into high levels of confidence across all major measures. Confidence in the future for both our personal financial and general economic situation for the next 12 months remains strong – consumers now believe that UK economic recovery is robust, we’re in the black and that prospects for growth are fact and not fiction.”
The Major Purchase Index increased six points this month to 17 – 18 points higher than this time last year.