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Consumer confidence holds steady

Consumer confidence holds steady

Category: Savings

Updated: 28/08/2009
First Published: 28/08/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Consumer confidence held steady in July, marking a significant improvement in public feeling over the last 12 months.

While the GfK NOP Consumer Confidence Index remains at a relatively low level historically at -25, as it was last month, it is 14 points better than it was this time last year.

Opinion on saving money at the present time is also encouraging, with the 'now is a good time to save' index registering a three point increase to finish July at -12.

Consumers also seem to be far more confident about their financial situation for the coming year. While the score has only recovered to 0, it represents an 18 point improvement on July 2008.

Expectations for an improvement in the general economic situation are also in evidence, the figures show, with confidence 44 points higher than it was 12 months ago.

The climate for major purchases index registered a one point increase in July to finish the month at -25 – an improvement of twelve points compared to a year ago.

Rachel Joy of the consumer confidence team at GFK NOP said consumers were adopting a wait and see approach.

"While consumers' perception of finances – both personal and general – over the coming 12 months is significantly higher than this time last year, the lack of major movement in any of the ratings suggests that consumers are still uncertain and waiting to see what happens."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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