Consumer Confidence July 2024

There was a subdued one-point improvement in the Overall Index Score in July with only two of the five measures increasing. However, 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 UK general election result on 5th July, occurred during the survey and many await the impact of what this new government will bring on the wider economy and personal finances.

The Overall Index Score was improves to -14. Three measures were up, one was down and one was unchanged compared to last months announcement.

Personal Financial Situation

The index measuring changes in personal finances during the last year is up two points at -8; this is 12 points better than July 2023.

The forecast for personal finances over the next 12 months is down one point at +3, which is ten points higher than this time last year.

General Economic Situation?

The measure for the general economic situation of the country during the last 12 months is unchanged at -32; this is 26 points higher than in July 2023. ?

Expectations for the general economic situation over the next 12 months are also unchanged at -11; this is 22 points better than July 2023.

Major Purchase Index?

The Major Purchase Index is up seven points to -16; this is 16 points higher than this month last year.

Savings Index

The Savings Index has increased five points to +27 in June; this is one point higher than this time last year.

A new government, combined with consumer confidence at its highest in three years, should lead to a brighter outlook for the consumer economy in the months ahead.?With the Bank of England expecting to cut rates by the end of the year, consumer spending should see a further boost later in the year.

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