Confidence among Britain’s consumers edged up to its highest point in almost three years this month, according to the GfK consumer confidence survey.
However, the survey reported that the change in the UK’s government and the success of the English men’s soccer team in recent weeks did not give a significant boost.
The GfK consumer confidence survey, the longest running of its kind in Britain, rose to -13 in July.
This is the highest level it has reached since September 2021, though just above June’s reading of -14.
The reading was also slightly below a median forecast of -12 in a Reuters poll of economists.
Joe Staton, GfK’s client strategy director, said a 7-point improvement in a subindex measuring consumers’ willingness to make major purchases might be good news for retailers along with a 2-point improvement in a gauge of personal finances.
But feelings about the UK economy were unchanged and there was no clear impact on the national mood from the Labour Party’s election win nor the England football team advancing to the finals of the Euro 2024 tournament.
Both events fell in the 28 June to 12 July survey period.
Staton said, “So, July’s consumer confidence poll suggests a note of caution as people wait to see exactly how the UK’s new government will affect the wider economy and their personal finances.”
Britain’s new Prime Minister Keir Starmer has promised to speed up the country’s economy.
England’s soccer team lost the Euro 2024 final to Spain.
Read More: UK GfK Consumer Sentiment Rises To Highest Level Since 2021
