Economy

Consumer confidence increases in June   

GfK’s fourth Covid-19 flash report has revealed Consumer Confidence Index increased by three points to -27 over the past two weeks.

Joe Staton, GfK‘s client strategy director, said after the recent “near-historic low” of -36 for the Consumer Confidence Barometer last month, there are some early signs of improvement across most measures for its fourth Covid-19 flash – even though “all core scores remain negative”.

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The measure for the general economic situation of the country was the only measure to decrease during the period, down one point to -60.

However, expectations for the general economic situation over the coming 12 months were up by six points to -42 points. Additionally, the Major Purchase Index increased seven points to -25 in June.

Staton said: “Despite the backdrop of dire warnings about the state of the economy, large-scale job losses, the end of furlough with the prospect of further unemployment, and a possible second-wave of Covid-19, consumers appear to be slightly more confident as lockdown loosens across parts of the UK.

“The seven-point jump in the Major Purchase Index could bode well for ‘reopening day’ this Saturday as more shoppers hit the high streets after a trip to the pub and visit to the hairdresser. However, economic headwinds could easily blow any recovery off-course with confidence remaining fragile and volatile amid few signs of stability.”

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