Confidence in "robust upward trend"
June 21, 2024
Consumer confidence is showing increasing optimism in the economy and the appetite for big ticket purchases is improving, say analysts.
GfK’s long-running Consumer Confidence Index rose by three points in June as it made its slow climb out of negative territory to minus 14 – that's its third monthly increase since March.
The key Major Purchase Index which covers consumers' confidence to buy furniture, flooring and appliances was up three points to minus 23, two points higher than this time last year. This Index has been improving over the last few months but experienced a suprise setback last month, down two points.
Joe Staton, client strategy director at GfK, said: “Once again we have an improved reading for the overall index score with June showing a three-point improvement bolstered by consumers’ more sympathetic view of the economy for the last year and the 12 months to come.
"Consumer confidence continues its robust long-term upward trend this month, and has recovered significantly since the record low of minus 49 reached in September 2022," he said. "Consumers like financial certainty, and this has to be the cornerstone if we are to see confidence break out into positive territory.”
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