UK's consumer confidence drops in June
Nick Moon, managing director of GfK NOP Social Research, comments: "It was almost inevitable that there would be a drop confidence in June following last month's unique, feel-good circumstances of public holidays and the royal wedding. What will disappoint the government is that the drop is so large - wiping out half of last month's gain and leaving consumer confidence lower than it was at any point in 2010.
"Across the board, confidence is lower than it was this time last year. Consumers? feeling about their own financial situation over the coming 12 months may have been the best scoring item but it still suffered a 5-point drop in June, leaving it at -8. As we move into the summer, the outlook for the beleaguered high street remains a gloomy one."
UK consumer confidence measures - June 2011
The overall index score this month has decreased 4 points to -25, 6 points lower than this time last year. All 5 measures decreased this month. The annual moving average stays the same at -23.
| Measure | June 2011 | May 2011 | June 2010 |
|---|---|---|---|
| Overall Index Score | -25 | -21 | -19 |
| Personal Financial situation over last 12 months | -20 | -18 | -14 |
| Personal Financial situation over next 12 months | -8 | -3 | -2 |
| General Economic situation over last 12 months | -50 | -44 | -46 |
| General Economic situation over next 12 months | -18 | -15 | -12 |
| Climate for major purchases | -27 | -26 | -24 |
Personal financial situation
The index measuring changes in personal finances during the last 12 months has decreased 2 points this month to -20; this is 6 points lower than this time last year.
The forecast for personal finances over the next 12 months has decreased by 5 points this month to -8; this is 6 points lower than June 2010.
General economic situation
The measure for the general economic situation of the country during the last 12 months has decreased by 6 points to -50; 4 points lower than this time last year.
An expectation for the general economic situation over the next 12 months has decreased by 3 points to -18, 6 points lower than June 2010.
Climate for major purchases
The major purchases measure has decreased by 1 point to -27; which is 3 points lower than this time last year.
Savings Index
The "now is a good time to save? Index, has decreased 8 points to -9, which is 5 points lower than June 2010.
About the survey
- The UK Consumer Confidence Survey from GfK NOP was conducted amongst a sample of 2002 individuals aged 16+ on behalf of the European Commission.
- Quotas are imposed on age, sex, region and social class to ensure the final sample is representative of the UK population.
- Interviewing was carried out during 3rd - 12th June 2011.
- The figures contained within the Consumer Confidence Barometer have an estimated margin of error of +/-2%
- Results for the Consumer Confidence Barometer are normally available on the last working day of each month at 00.01am; the release date for July is Friday 29 July 2011.
- Any published material requires a reference to both GfK NOP and the European Commission e.g. 'Research carried out by GfK NOP on behalf of the European Commission'.
- This study has been running since 1974. Back data is available from 1996.
Research carried out by GfK NOP on behalf of the European Commission
Source: GfK
The GfK Association was established in 1934 as a non-profit organization for the promotion of market research. Its membership consists of approximately 600 companies and individuals. The purpose of the Association is to develop innovative research methods in close cooperation with academic institutions, to promote the training and further education of market researchers, to observe the structures and developments in society, the economy and politics that play a key role in private consumption, and to research their effects on consumers. Survey results are made available to the membership. The GfK Association is a shareholder in GfK SE.
Go to: http://www.gfk.com
