Financial News: UK Consumer Confidence Remains Unchanged Near 3-Year High:

UK Consumer Confidence Remains Unchanged Near 3-Year High: GfK

08/23/2024 - 05:10:00 (RTTNews)

(RTTNews) - British consumer confidence remained unchanged near a three-year high in August on improving personal finance conditions, survey results from the market research group GfK showed Friday.

The consumer confidence index held steady at -13 in August. The reading was the highest since September 2021. The score was forecast to improve to -12.

The survey showed wide a contrast between consumers' assessment about personal finances and general economic conditions. Personal finance expectations rose three points to +6, while the index measuring past personal financial situation edged up one point to -7.

This more positive outlook may be due to a mortgage-friendly interest rate cut at the beginning of August, and hopes of more to come, GfK's client strategy director Joe Staton said.

On the other hand, consumers' view about the past and future general economic conditions deteriorated in August.

The indicator for general economic situation over the last twelve months dropped three points to -35 and that for future economic situation slid four points to -15.

At the same time, the major purchase index gained three points to -13, which was the highest since January.

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