{"id":165458,"date":"2021-07-23T09:58:27","date_gmt":"2021-07-23T09:58:27","guid":{"rendered":"https:\/\/www.theindustry.fashion\/consumer-confidence-edged-above-march-2020-levels-in-july\/"},"modified":"2021-07-23T09:58:27","modified_gmt":"2021-07-23T09:58:27","slug":"consumer-confidence-edged-above-march-2020-levels-in-july","status":"publish","type":"post","link":"https:\/\/theindustry.beauty\/consumer-confidence-edged-above-march-2020-levels-in-july\/","title":{"rendered":"Consumer confidence edged above March 2020 levels in July"},"content":{"rendered":"

Consumer confidence edged above March 2020 pre-lockdown levels in July,<\/strong> according to\u00a0GfK\u2019s UK consumer confidence barometer.<\/p>\n

<\/p>\n

The overall index score in July was -7, edging up from -9 in June.\u00a0While this was still a negative score, indicating downbeat sentiment, it was a two-point improvement compared with March 2020.<\/strong><\/p>\n

Within the overall score, households\u2019 forecasts for their personal finances over the next 12 months held steady<\/strong> compared with June with a score of 11.\u00a0This was 11 points higher than July 2020, when the score was zero.<\/p>\n

When households were asked how they expect the general economic situation to develop over the next 12 months, the score on this measure was -5, deteriorating by three points from -2 in June.<\/p>\n

However, households were feeling slightly less negative about the general economic situation over the past 12 months<\/strong> in the latest survey.<\/p>\n

Attitudes towards making major purchases also turned positive<\/strong> in July, from a score of -5 in June to two in July.<\/p>\n

This major purchase measure within the index was a significant 28 points higher than a year ago.<\/p>\n

Joe Staton, client strategy director at data researchers GfK said: \u201cConsumer confidence edged ahead of its March 2020 pre-lockdown headline score by two points to -7 in July and has held firm or improved for six months in a row.<\/strong><\/p>\n

\u201cPersonal finance expectations for the next year remain strong and there\u2019s a dramatic jump this month in our major purchase sub-measure<\/strong> with shoppers agreeing that now is the \u2018right time to buy\u2019.<\/p>\n

\u201cThe healthy seven-point rise aligns with strong retail growth figures that reflect the gradual unlocking of the UK high street and release of pent-up demand<\/strong> as Brits hit shops, restaurants and venues.<\/p>\n

\u201cHowever, threats from increasing consumer price inflation, Covid variants and rising infection figures, the looming end of furlough and the Job Retention Scheme, could put the brakes on this rebound.<\/strong><\/p>\n

\u201cConsumers are aware of these pressures judging from the latest fall, from -2 to -5, in how they view the general economy in the year ahead.<\/p>\n

\u201cWhat happens across the remaining summer months will frame consumer confidence for the rest of 2021 and beyond.\u201d<\/p>\n

Dr Cathrine Jansson-Boyd, associate professor in consumer psychology at Anglia Ruskin University, said: \u201cConsumer confidence has clearly taken a hit<\/strong> and that is why it is taking so long for consumers to feel psychologically comfortable to return to pre-pandemic levels of spending.<\/p>\n

\u201cWhilst figures have been helped by the reopening of shops and restaurants, it\u2019s still the case that many consumers remain concerned about shopping in person.<\/strong><\/p>\n

\u201cAt the same time, the lockdowns have made people more money aware, and many are enjoying seeing their savings grow since cutting down on their spending.\u201d<\/p>\n

\"Newsletter<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Consumer confidence edged above March 2020 pre-lockdown levels in July, according to\u00a0GfK\u2019s UK consumer confidence barometer.<\/p>\n","protected":false},"author":68,"featured_media":144808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,20824,6,10494,20826],"tags":[16569,9879,14437,15031],"acf":[],"yoast_head":"\nConsumer confidence edged above March 2020 levels in July - TheIndustry.beauty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theindustry.beauty\/consumer-confidence-edged-above-march-2020-levels-in-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consumer confidence edged above March 2020 levels in July - 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