Consumer confidence in the UK remained stable in August, despite people feeling less optimistic about the wider economy.
The GfK Consumer Confidence Barometer came in at -13 this month, in line with the July reading and up from -25 in August last year.
The measure for the forecast personal finances over the next 12 months jumped by three points to +6, which GfK client strategy director Joe Staton said could be due to the recent Bank of England interest-rate cut, “and hopes of more to come”.
Meanwhile, the major purchase index, which tracks the public’s confidence in making major purchases such as furniture or electrical goods, improved to -13 from -16.
“The three-point jump in the Major Purchase Index is great news for retailers with more shoppers agreeing that now is a good time to buy big-ticket items,” Staton said.
However, the measure for expectations for the general economic situation over the next 12 months is down four points at -15 to mark the first decline since February.
Staton added: “The overall index score is unchanged at -13, although there are interesting contrasts behind this headline.
“The wider point beyond the contrasts is that all the key numbers this month are significantly more encouraging than 12 and 24 months ago. But as we move into autumn and winter, how much further will this slow improvement in the mood of the nation run?”
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