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UK Consumer Sentiment Improves In July: GfK

UK consumer sentiment strengthened more-than-expected in July to reach ahead of its March 2020 pre-lockdown level, survey data from the market research group GfK showed on Friday.

The consumer sentiment index rose to -7 in July from -9 in the previous month. The expected reading was -8.

“This means it has now held firm or improved for six months in a row,” Joe Staton, client strategy director GfK, said. “What happens across the remaining summer months will frame consumer confidence for the rest of 2021 and beyond,” Staton added.

Among components of the consumer sentiment index, two measures were up in comparison to June, two measures were down and one stayed the same in July.

The assessment of the past personal financial situation fell to -1 from zero in June, while the outlook for the personal financial situation held steady at 11.

Consumers’ view about the past general economic situation climbed to -43 from -47, while expectations for the general economic conditions worsened to -5 from -2.

At the same time, the major purchase index rose to +2 from -5 a month ago.

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