Major purchase confidence jumps up
July 19, 2024
Consumer confidence in buying big ticket items like flooring jumped up 7 points in July, according to leading retail analysts GfK.
Its Major Purchase Index, which surveys consumer appetite to buy furniture, flooring and appliances, is now at minus 16 – that's 16 points higher than this time last year.
GfK's Personal Finance Index was also up 2 points – that's 12 points better than July 2023. This index shows people's general level of confidence in their own economic situation.
Joe Staton, Client Strategy Director GfK, says: “The seven-point uptick in the major purchase index is potentially good news for retailers that could translate into improved footfall in the months to come. The positive view on personal finances is encouraging with July’s score of minus 8, for the measure looking back over the last 12 months, up two points on the month before and the best since January 2022."
More political stability and some easing of anxiety on inflation and interest rates is seen as the drivers for the improvement. However, GfK's Overall Consumer Confidence Index was up only one point in July which analysts said showed a "wait and see" attitude in the current situation.
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