Consumer confidence slips back
Consumer confidence slipped back this month, but consumers are still interested in big-ticket purchases.
Just a month after recording its first positive measure for almost a decade last month, the GfK's UK Consumer Confidence Index dropped from +1 to -2 in July.
However although the level on consumer interest in big-ticket purchases such as furniture or white-goods dropped from -2 to -3, it is still 18 points ahead of 2013.
'No sooner had the Index crossed into positive territory last month – for the first time in nearly 10 years – than it fell back into the negative, standing this month at -2. All five of the component parts of the Index fell this month, with four-point drops in both the questions about the country's general economic situation being particularly noticeable. The almost relentless rise of the last six months couldn't continue indefinitely, and the government will be hoping this is just a temporary setback rather than the forerunner of a wider decline in confidence,' says Nick Moon, GfK Social Research md.