Latest news with #GfK
Fashion Network
18 minutes ago
- Business
- Fashion Network
UK consumer confidence may have inched up in June but concerns linger over inflation
UK consumers are feeling slightly better about the economy in June, although confidence is still fragile and concerns linger about the contents of their wallets. That's the overview from data company GfK with its long-running Consumer Confidence Index increasing by two points to -18 this month. Another two of its measures were up and three were unchanged compared to last month's announcement. The index measuring changes in personal finances during the last year is unchanged at -7, three points better than June 2024, while the forecast for personal finances over the next 12 months is also unchanged at +2, two points worse than this time last year. The measure for the general economic situation of the country during the last 12 months is up three points to -43;, some 11 points worse than last June and expectations for the general economic situation over the next 12 months rose five points to -28, but still 17 points worse than June 2024. The Major Purchase Index remains unchanged at -16, seven points better than this month last year, while the Savings Index dropped a further point to +27 in June, five points better than this time last year. Neil Bellamy, Consumer Insights director at GfK, noted that overall confidence 'remains fragile … because the dark shadow of inflation is a day-to-day challenge for so many of us. 'With petrol prices set to rise in the coming weeks following the escalation of the conflict in the Middle East, and with ongoing uncertainty as to the full impact of tariffs, there is still much that could negatively impact consumers. With so much volatility, now is certainly not the time to hope for the proverbial 'light at the end of the tunnel'.'
The Sun
4 hours ago
- Business
- The Sun
UK retail sales drop sharply in May, biggest fall since 2023
LONDON: British retail sales volumes recorded their sharpest drop since December 2023 last month, as demand fell back after shoppers splurged on food, summer clothes and home improvements the month before, official figures showed on Friday. Retail sales volumes dropped by 2.7% in May, the Office for National Statistics said, a much sharper decline than the median forecast of 0.5% in a Reuters poll. Sales volumes were 1.3% lower than a year earlier, the biggest drop since April 2024 and well below a Reuters poll forecast for 1.7% annual sales growth. April data had shown robust sales growth after demand was boosted by unusually sunny weather for the time of year and GfK consumer sentiment data for June, released earlier on Friday, showed the highest sentiment so far this year. However, reports from retailers have been more mixed. The British Retail Consortium said earlier this month that sales growth slowed sharply in May as shoppers had done much of their summer purchases a month earlier. Updates this month from major British retailers have been mixed. Tesco, the country's biggest food retailer, beat expectations for first quarter sales, despite what it called an 'intensely competitive' market. However, struggling discounter Poundland said it plans to close 68 stores.
The Sun
4 hours ago
- Business
- The Sun
UK retail sales record biggest monthly drop since 2023
LONDON: British retail sales volumes recorded their sharpest drop since December 2023 last month, as demand fell back after shoppers splurged on food, summer clothes and home improvements the month before, official figures showed on Friday. Retail sales volumes dropped by 2.7% in May, the Office for National Statistics said, a much sharper decline than the median forecast of 0.5% in a Reuters poll. Sales volumes were 1.3% lower than a year earlier, the biggest drop since April 2024 and well below a Reuters poll forecast for 1.7% annual sales growth. April data had shown robust sales growth after demand was boosted by unusually sunny weather for the time of year and GfK consumer sentiment data for June, released earlier on Friday, showed the highest sentiment so far this year. However, reports from retailers have been more mixed. The British Retail Consortium said earlier this month that sales growth slowed sharply in May as shoppers had done much of their summer purchases a month earlier. Updates this month from major British retailers have been mixed. Tesco, the country's biggest food retailer, beat expectations for first quarter sales, despite what it called an 'intensely competitive' market. However, struggling discounter Poundland said it plans to close 68 stores.
Rhyl Journal
8 hours ago
- Business
- Rhyl Journal
Consumer confidence up in June amid ‘dark shadow' of inflation and war
GfK's long-running Consumer Confidence Index rose two points but remains firmly in negative territory at minus 18. Confidence in the general economy over the coming year rose five points, driving the improvement, but still remains at minus 28 – 17 points worse than last June. The forecast for personal finances over the next 12 months remained unchanged at positive two – two points down on this time last year. The major purchase index, an indicator of confidence in buying big ticket items, also remained unchanged at minus 16, seven points better than last June. Neil Bellamy, consumer insights director at GfK, said: 'Consumers have been resolute in their views on their wallets, with June's personal financial situation scores – past and future – unchanged from May. 'Yet confidence is still fragile because the dark shadow of inflation is a day-to-day challenge for so many of us. 'With petrol prices set to rise in the coming weeks following the escalation of the conflict in the Middle East, and with ongoing uncertainty as to the full impact of tariffs, there is still much that could negatively impact consumers. 'With so much volatility, now is certainly not the time to hope for the proverbial 'light at the end of the tunnel'.'
Glasgow Times
8 hours ago
- Business
- Glasgow Times
Consumer confidence up in June amid ‘dark shadow' of inflation and war
GfK's long-running Consumer Confidence Index rose two points but remains firmly in negative territory at minus 18. Confidence in the general economy over the coming year rose five points, driving the improvement, but still remains at minus 28 – 17 points worse than last June. Source: GfK The forecast for personal finances over the next 12 months remained unchanged at positive two – two points down on this time last year. The major purchase index, an indicator of confidence in buying big ticket items, also remained unchanged at minus 16, seven points better than last June. Source: GfK Neil Bellamy, consumer insights director at GfK, said: 'Consumers have been resolute in their views on their wallets, with June's personal financial situation scores – past and future – unchanged from May. 'Yet confidence is still fragile because the dark shadow of inflation is a day-to-day challenge for so many of us. 'With petrol prices set to rise in the coming weeks following the escalation of the conflict in the Middle East, and with ongoing uncertainty as to the full impact of tariffs, there is still much that could negatively impact consumers. 'With so much volatility, now is certainly not the time to hope for the proverbial 'light at the end of the tunnel'.'
