UK Consumer Confidence Rises to Pre-Cost of Living Crisis Level
(Bloomberg) -- UK consumer confidence improved for a third consecutive month to the strongest level in 2 1/2 years, reflecting a rosier economic outlook ahead of the general election.
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The market research firm GfK Ltd. said its measure of sentiment climbed 3 points to minus 14 in June, stronger than the minus 16 economists had expected. The figure matches levels in November 2021 — before Russia’s invasion of Ukraine touched off the worst inflation in four decades.
The findings support Prime Minister Rishi Sunak’s argument that the economy has turned a corner after last year’s recession. It’s another indicator that the UK may eek out stronger growth in the months ahead despite lingering concerns about higher prices.
“Confidence continues its robust long-term upward trend,” Joe Staton, client strategy director for GfK, said in a report Friday. “The headline score remains negative owing to the difficulties so many have experienced as the unrelenting cost-of-living crisis batters household budgets.”
The report also showed:
Confidence about the general economic situation in the next 12 months rose by 6 points to minus 11, the highest value since August 2021.
People’s sentiment about their own personal financial situation slid by 3 points to register 4 points.
Views about whether it’s the right time to make a major purchase rose by 3 points to minus 23.
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