Consumer confidence in June moved into positive territory, the first time it has done so since 2005, according to the GfK’s monthly tracker of the nation’s mood.
GfK’s UK Consumer Confidence Index increased one point this month to 1, moving the tracker into positive territory for the first time since March 2005.
Four of the five measures used to calculate the index reported an increase this month, with one measure falling.
GfK managing director of social research Nick Moon said: “An unspectacular change this month, but a psychologically important one, in that the index has moved into positive territory for the first time since March 2005.
“The next few months will be particularly interesting, since the previous venture into positive territory was merely transitory – two isolated months in January and March 2005. The last time the index was consistently positive was back in 2002 and this must be the next ‘target’ from the Government’s point of view as we get close to the election period.”
The survey found that confidence in consumers’ personal financial situation during the past 12 months increased one point to -9, up 12 points on June 2013. The forecast for personal finances over the next 12 months fell three points this month to 3.
Sentiment in the general economic situation of the country during the last 12 months rose two points in June to -3.
The survey showed a rise in consumer confidence for major purchases, with a one-point rise this month to -2. The ‘now is a good time to save’ index was up two points in June to -7.