Consumer confidence ticked up again in June, with people feeling slightly less pessimistic about both the economy and their personal finances, states a leadinf retail body today (June 25).
According to data released by British Retail Consortium (BRC) based on fieldwork conducted on June 3 to June 5, consumer expectations over the next three months of the state of the economy improved to -43 in June, up from -48 in Ma y while of their personal financial situation improved to -15 in June, up from -16 in May.
Consumer expecations of their personal spending on retail fell to +5 in June, down from +7 in May while of their personal spending overall rose to +16 in June, up from +15 in May. Expectations of their personal saving fell to -9 in June, down from -8 in May.
The proportion of people concerned that conflict in the Middle East could increase the price of food fell to 79% in June, down from 82% in May.
Helen Dickinson, Chief Executive of the British Retail Consortium, said: “Consumer confidence ticked up again in June, with people feeling slightly less pessimistic about both the economy and their personal finances.
"This coincided with a lull in the Middle East conflict at the start of June, easing concerns about energy prices and inflation. Although retail spending intentions dipped, this is likely due to lower inflation expectations, rather than weakening demand.
"It’s all to play for as fast moving events in the Middle East and at home could shake consumer confidence or allow the improvements to gain momentum next month .
“Job prospects remain crucial. The loss of 66,000 retail jobs over the last year will do little to keep confidence moving in the right direction, particularly for young people and others struggling to take their first steps on the career ladder.
"Government policies that increase the costs and complexity of employing people, particularly the young, risk undermining both employment prospects and the recovery in consumer confidence.”