UK Consumer Confidence July 2022

Consumer confidence remained unchanged at a record low of minus 41.0 in July.

The readings come amid a deterioration in consumer assessments of the overall economic situation over the past 12 months, offsetting improvements in household financial assessments over the next 12 months.

Regarding the reading, Joe Staton, GfK’s director of client strategy, stated:

“Consumer confidence remains heavily subdued this month as the impact of soaring food and fuel prices, as well as rising interest rates, continues to cloud the nation’s financial mood.”

FocusEconomics Consensus Forecast experts predict that private consumption will grow by 4.2% in 2022, down 0.6 percentage points from last month’s forecast, and then rise by 0.8% in 2023.