GfK’s long-running Consumer Confidence Index stood at -13 in August, the same as July. However, three measures were up and two were down in comparison to last month’s figure.
Despite this, there was a three-point jump in the Major Purchase Index. Meanwhile confidence in personal finances is also up, but expectations for the UK economy has slipped for first time since February.
Despite being negative, the August Index figure is an improvement on this time last year when the overall index score was -25.
Joe Staton, client strategy director at GfK, said: “The Overall Index Score is unchanged at -13, although there are interesting contrasts behind this headline. On the one hand, our expectations for the UK’s economy are down for the first time since February, with this measure registering a four-point decrease to -15.
“There’s a three-point drop in how consumers view the economy last over the past year too. At the same time, there are strong personal financial expectations for the coming year with a three-point uptick in this measure from +6.”
He added: “This more positive outlook may be due to a mortgage friendly interest rate cut at the beginning of August – and hopes of more to come.”