UK Consumer Confidence Reaches Two-Year High on Strong GfK Survey Data
Overview of Latest UK Consumer Confidence Data
(Corrects to add dropped word in paragraph 2)
Consumer Morale Surges in August
Aug 21 (Reuters) - British consumer morale jumped to a two-year high this month as households became more confident about making major purchases, a survey showed on Friday that added to a run of unexpectedly strong economic data.
GfK Consumer Confidence Index Results
GfK's Consumer Confidence Index rose to -14 from -17 in July, against expectations in a Reuters poll of economists for a fall to -18.
Expert Commentary
"With inflation back on the rise ... and with continued uncertainty in the Middle East and elsewhere, there are still many challenges ahead that will test the mettle of UK consumers," said Neil Bellamy, consumer insights director at GfK.
Key Survey Highlights
- All but one of the survey's five key sub-indexes rose in August
- GfK's gauge of confidence for making major purchases rose to its highest level since December 2021
- Personal financial confidence for the next 12 months rose to its highest level since January, while economic expectations rose to a two-year high
- Other consumer confidence surveys from YouGov/Cebr, BRC-Opinium, Barclays and LSEG/Ipsos have all shown increases over the last month
- GfK's survey, which dates back to 1974, was based on 2,000 adults polled between July 30 and August 12
Survey Methodology
GfK's survey, which dates back to 1974, was based on 2,000 adults polled between July 30 and August 12.
Reporting Credits
(Reporting by Andy Bruce; editing by David Milliken)
