MNI DATA BRIEF: UK Consumer Confidence Slips in Aug: Gfk

UK consumer confidence fell modestly in August, dipping to -8 from -7 in July, a level considered "quite robust, given what's going on in the world," according to Joe Staton, Gfk's client strategy director. Confidence stood at -27 in August last year, having recovered from an immediate post-pandemic low of -34 in May 202 (-36 flash reading in June 2020).

The personal financial situation over the next 12 months steadied at 11 for the third straight month, up from 1 a year ago, a "spectacular" result, Staton told MNI. "If that drops I would be concerned," he added. The savings index was the only other category in positive territory, jumping by five points to 25, raising the prospect of a UK spending spree later in the year. "At the moment we are running scared and stuffing the mattress," said Staton. "I expect people to spend at some point.

The personal financial situation sub index climbed one point to zero in August, while the general economic situation over the last 12 months also rose by one point to -42 The general economic situation over the next 12 months decreased by one point to -6, while the major purchase index slipped five points to -3.