News | Published July 31 2019

Consumer confidence rises in July

According to new data, UK consumer confidence rose in July 2019 amid wage growth and low unemployment.

Market research firm GfK, providing the data, also found consumers to be less concerned with the outlook for the UK economy despite question marks over Brexit. 

However, the firm did warn that this may be subject to change in the run up to October 31. 

The study concluded that levels of confidence among consumers across most areas in question saw an improvement, according to GfK client strategy director Joe Staton. 

The firm's consumer confidence gauge rose from minus 13 in June to minus 11 in July, which although negative is in keeping with the long-term average of minus nine going back before the EU referendum of 2016. 

GfK quizzed individuals over the course of July about their confidence in numerous areas including their personal finances and the UK economy. 

Despite the positive results, Staton did warn that the approach to October 31 “will test the strength” of the consumer confidence GfK discovered.

Food prices also rose at a lower rate in July than in June, while prices for non-food goods dropped by 1.2 per cent which incentivised spending, according to data provided by Nielsen and the British Retail Consortium.

It must also be considered that GfK’s data was collated at a time before Boris Johnson was appointed prime minister, thus the rising risk of a no-deal Brexit may yet impact future feedback.

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Authored by

Scott Challinor
Business Editor
July 31 2019

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