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Published on August 9th, 2019 | by The GC Team

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Consumers in spending mood as confidence improves in July

Consumer confidence improved by two points in July, affected appreciably by a 6-point rise in the public’s appetite for major purchases and a 5-point lift in the outlook for personal finances over the next 12 months.

According to analyst GfK, the overall confidence level of -11 during the month reflected the fact that pre-Brexit consumers were “marginally more bullish” and have generally been less affected by Brexit uncertainties than UK businesses have been since the Referendum.

Joe Staton, Client Strategy Director at GfK, said it was too soon to judge any impact of a “post-Boris bounce”, stating that the boost in attitudes to personal finances was down to low interest rates and day-to-day inflation, a buoyant labour market and growth in real wages.

The 5-point lift in personal finances over the next 12 months increased that particular measure to +7 in July, while the major purchase index rose to a level of +4 – six points higher than in July 2018.

“This mirrors the ongoing resilience in consumer spending,” Staton commented.

“However,” he added, “the coming months to the October 31st departure date will test the strength of this confidence.”

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