Confidence slide levels out
July 24, 2022
The crash of consumer confidence to historically low levels has finally levelled out and offers a sliver of encouragement to flooring retailers.
Overall consumer confidence in the UK has remained flat at a historical low of minus 41 amid the cost-of-living and inflation crisis, according to GfK’s Consumer Confidence Index.
But analysts say that people's confidence in their personal financial situation over the next 12 months rose by two points, although that's still highly negative territory at minus 26.
The GfK Major Purchase Index which tracks consumer appetite for buying big ticket items like furniture, flooring and appliances actually rose, albeit by just 1 point to minus 34.
Joe Staton, client strategy director at GfK, said: “Consumer confidence remains severely depressed this month as the impact of soaring food and fuel prices and rising interest rates continues to darken the financial mood of the nation.
“Against this financial backdrop, the UK electorate is looking for a new leadership with a commitment to unleashing growth, tackling inflation and cutting taxation.
“The successful candidate will need to deliver a much-needed shot in the economic arm of the country if they are to help improve consumer confidence.”
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