Consumer confidence grew again in June for the third consecutive month

Did you know that consumer confidence has been on the rise? In June 2024, the GfK Consumer Confidence Index increased by three points to -14, marking the third consecutive month of growth.

This improvement is driven by consumers’ more sympathetic view of the economy over the past year and the next 12 months.

While the headline score remains negative due to the ongoing cost-of-living crisis, overall confidence has significantly recovered since its record low in September 2022.

Notably, the Major Purchase Index was up three points to minus 23, two points higher than this time last year, indicating increased intentions to make significant purchases, two says GfK.

However the forecast for personal finances over the next 12 months is down three points to positive four, which is five points higher than last June.

Joe Staton, Client Strategy Director GfK, says: “While June’s reading of -14 is the third month in a row that confidence has increased, the headline score remains negative owing to the difficulties so many have experienced as the unrelenting cost-of-living crisis batters household budgets.

Nevertheless, consumer confidence continues its robust long-term upward trend this month, and has recovered significantly since the record low of -49 reached in September 2022. Consumers like financial certainty, and this has to be the cornerstone if we are to see confidence break out into positive territory.”

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