Consumer confidence has improved in August, according to research group GfK.
GfK’s UK ‘Consumer Confidence Index’ has increased three points this month to 1. All five measures used to calculate the index score saw increases this month.
GfK managing director of social research Nick Moon commented: “It looks as if we might be in a new period of relative stability for the index. After several months of almost constant increase, the last four months have all seen the index within a range of 0 plus or minus 2. And indeed the last five months have all been within a range of -1 (plus or minus 2). There is no guarantee how long this stable position will last – a rush of good or bad economic news could set off a marked rise or fall, but things could stay like this for a while – in 2011/12 there was more than a year when the index stayed in the range of -31 plus or minus 2.”
He added: “It is worth noting that the score for the two questions concerning the last 12 months rose by more than the two concerning the next 12 months, suggesting that people are reassessing the past more than feeling more hopeful about the future.”
The index measuring changes in personal finances during the last 12 months has increased four points this month to -7; nine points higher than August 2013. The forecast for personal finances over the next 12 months has increased three points this month to 5; five points higher than this time last year.
The measure for the general economic situation of the country during the last 12 months has increased six points this month to -1; a 28 point gain on August 2013. Expectations for the general economic situation over the next 12 months have increased two points this month to 11; this is 12 points higher than this time last year.
The major purchase index has increased two points this month to -1; this is 15 points higher than this time last year, and the savings index has increased one point this month to -8, which is six points higher than August 2013.