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Industry News August retail sales growth supports consumer optimism

Published on August 31st, 2017 | by The GC Team

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UK consumer confidence gains two points in August

Consumer confidence rallied in August following a downturn in July that matched 2016’s post-Brexit low.

GfK’s Consumer Confidence Index increased two points to -10, with all five measures used to gauge public sentiment increasing. 

Joe Staton, Head of Market Dynamics at GfK, said: “We’re seeing an uptick in August among consumers when reviewing their personal financial situation for both the past and next 12 months, as well as a slight improvement in views about the general economic situation of the country as a whole.”

Staton added that the figures must be seen against the backdrop of better news on inflation, public finances, jobs and growth prospects as the UK economy displays some signs of stability after a volatile start to the year.

He acknowledged, however, that the Index has a lot of ground to regain to get back into the black.

The major stumbling block for the UK is the measure for the general economic situation of the country. Although the index showed a rise of one point in consumer sentiment, both looking back over the last 12 months and forward over the coming 12 months, the measures stand at -30 and -27 respectively.

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