Consumer confidence in July soars

Consumer confidence in July soared to its highest level since April 2010, according to statistics from GfK.

The research company’s UK Consumer Confidence Index increased by five points last month, as consumers felt more positive about the economy and their finances.

Nick Moon, managing director of Social Research at GfK, said: “There is now no doubt that consumer confidence has recovered strongly from the unparalleled trough of the last five years.

“The overall Index is now its highest point since April 2010. In the last three months, it has risen by 11 points – one of the best single quarter improvements since the Index started climbing up from its all-time low of -39 in July 2008 after the credit crunch.

“It is also significant that since December there has been only one month where the Index fell, and even that was a minor one point drop. With a series like the Index, it’s the longer-term changes that mean far more than one single month’s figures, and the current trend is definitely upwards.”

The UK Consumer Confidence Survey was carried out by GfK on behalf of the European Commission. It was conducted amongst a sample of 2,004 individuals aged 16-plus. Interviewing was carried out during July 2-21.