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UK consumer confidence jumps in July on political and World Cup optimism
GfK said the overall confidence index rose six points to -17, the highest level since January, with the outlook for the economy improving more than personal finances.
UK consumer confidence in July rose by its biggest margin in nearly three years, helped by a clearer path to new leadership after Andy Burnham’s byelection victory on 18 June, according to data firm GfK.
In GfK’s long running monthly survey, the prospect of Burnham becoming prime minister was credited with improving consumers’ outlook for the economy over the next year by eight points, and their view of the economy’s performance over the previous year improved by 10 points.
The overall score in the GfK index increased by six points to -17 in July, the highest level since January and the biggest rise since November 2023. GfK also pointed to optimism tied to progress at the men’s England team at the World Cup and sunny weather.
GfK said respondents were also more upbeat about the prospect of an end to the conflict in the Middle East. However, it cautioned the rise was tempered by a more cautious view of personal finances, with the outlook for consumers’ personal finances up just two points, and still far below levels seen before the Brexit vote in 2016.