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    ‘Consumer confidence on road to recovery’

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    Consumer confidence rose more than expected in August, helped by falling inflation and accelerating wage growth.

    GfK’s Consumer Confidence Index rose five points to minus 25, recovering most of the ground lost in July and returning close to levels seen at the start of last year. All five measures used to compile the final figure were up in comparison to last month’s announcement:

    Consumer-Confidence-GFK-August-2023

    “Although the headline figure remains strongly negative at -25, hopes for our personal financial situation for the coming year are heading back towards positive territory, a metric that is key to indicating the future financial position of households,” said Joe Staton, Client Strategy Director at GfK.

    “This renewed optimism can also be seen in the similar turnaround for our view on the general economic outlook for the next 12 months, and the eight-point advance in major purchase intentions is potentially better news for retailers as we move into autumn.

    However, while the financial pulse of the nation is still weak, these signs of optimism are welcome during this challenging time for consumers across the UK.”

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