Latest news with #NeilBellamy
Fashion Network
4 days ago
- Business
- Fashion Network
UK consumer confidence on hold in July could signal deeper concerns ahead
On the surface, there appears nothing to get excited about here. July's consumer confidence dipped one point to -19 while figures from GfK's wider long-running Index showed two measures were down, one was up and two were unchanged in comparison to last month's announcement. The holding pattern appears to reflect consumers 'are in a cautious wait-and-see mood', according to GfK's Consumer Insights director Neil Bellamy. But wait. He also added that 'some people may be sensing stormy conditions ahead', based on speculation growing over possible tax rises in the Autumn Budget, and price pressure contributing not just to higher inflation already but also to the likelihood of worse inflation to come… 'the news is worrying,' he said. And the importance here is that movement within its Savings Index was 'significant' this month 'because it does indeed suggest people are anxious'. It jumped seven points to +34 to reach the highest level since November 2007, revealing that those people who can put money aside 'are building contingency funds'. The index measuring changes in personal finances during the last year remained unchanged at -7, one point better than July 2024 and the forecast for personal finances over the next 12 months is also unchanged at +2, one point worse than this time last year. The measure for the general economic situation of the country during the last 12 months is down one point to -44, some 12 points worse than last July, and expectations for the general economic situation over the next 12 months dipped one point to -29, some18 points worse than July 2024. The Major Purchase Index is also up one point at -15, one point higher than this month last year.
Fashion Network
4 days ago
- Business
- Fashion Network
UK consumer confidence on hold in July could signal deeper concerns ahead
On the surface, there appears nothing to get excited about here. July's consumer confidence dipped one point to -19 while figures from GfK's wider long-running Index showed two measures were down, one was up and two were unchanged in comparison to last month's announcement. The holding pattern appears to reflect consumers 'are in a cautious wait-and-see mood', according to GfK's Consumer Insights director Neil Bellamy. But wait. He also added that 'some people may be sensing stormy conditions ahead', based on speculation growing over possible tax rises in the Autumn Budget, and price pressure contributing not just to higher inflation already but also to the likelihood of worse inflation to come… 'the news is worrying,' he said. And the importance here is that movement within its Savings Index was 'significant' this month 'because it does indeed suggest people are anxious'. It jumped seven points to +34 to reach the highest level since November 2007, revealing that those people who can put money aside 'are building contingency funds'. The index measuring changes in personal finances during the last year remained unchanged at -7, one point better than July 2024 and the forecast for personal finances over the next 12 months is also unchanged at +2, one point worse than this time last year. The measure for the general economic situation of the country during the last 12 months is down one point to -44, some 12 points worse than last July, and expectations for the general economic situation over the next 12 months dipped one point to -29, some18 points worse than July 2024. The Major Purchase Index is also up one point at -15, one point higher than this month last year.
South Wales Guardian
4 days ago
- Business
- South Wales Guardian
Consumer confidence weakens among Britons amid tax rise fears
GfK's long-running Consumer Confidence Index dropped one point to remain in firmly negative territory at -19 points. Researchers suggested the figures showed that consumers are currently 'sensing stormy conditions ahead' amid wider uncertainty in the economy. The drop was shallower than expected by economists, who had predicted a reading of -20 for the month. The research found that its measure from consumers' view of the general economic situation for the country over the past year dropped one point to -44. Expectations for the general economic situation over the next 12 months also decreased by one point for the month. Meanwhile, the index for consumers' views on their personal finances remained steady but was still in negative territory. Nevertheless, there was a rise in the study's savings measure and people continued to seek to benefit from elevated interest rates. Neil Bellamy, consumer insights director at GfK, said: 'The key measures on personal finances, the economy and purchase intentions are flat in July, and many will conclude that consumers are in a cautious wait-and-see mood. 'But the data suggests that some people may be sensing stormy conditions ahead. 'With speculation growing over possible tax rises in the autumn budget, and price pressure contributing not just to higher inflation already but also to the likelihood of worse inflation to come, the news is worrying.' It came as figures from the Office for National Statistics (ONS) showed that retail sales bounced back 0.9% last month as record hot weather boosted sales of food and drink.
South Wales Argus
4 days ago
- Business
- South Wales Argus
Consumer confidence weakens among Britons amid tax rise fears
GfK's long-running Consumer Confidence Index dropped one point to remain in firmly negative territory at -19 points. Researchers suggested the figures showed that consumers are currently 'sensing stormy conditions ahead' amid wider uncertainty in the economy. The drop was shallower than expected by economists, who had predicted a reading of -20 for the month. The research found that its measure from consumers' view of the general economic situation for the country over the past year dropped one point to -44. Expectations for the general economic situation over the next 12 months also decreased by one point for the month. Meanwhile, the index for consumers' views on their personal finances remained steady but was still in negative territory. Nevertheless, there was a rise in the study's savings measure and people continued to seek to benefit from elevated interest rates. Neil Bellamy, consumer insights director at GfK, said: 'The key measures on personal finances, the economy and purchase intentions are flat in July, and many will conclude that consumers are in a cautious wait-and-see mood. 'But the data suggests that some people may be sensing stormy conditions ahead. 'With speculation growing over possible tax rises in the autumn budget, and price pressure contributing not just to higher inflation already but also to the likelihood of worse inflation to come, the news is worrying.' It came as figures from the Office for National Statistics (ONS) showed that retail sales bounced back 0.9% last month as record hot weather boosted sales of food and drink.
Leader Live
4 days ago
- Business
- Leader Live
Consumer confidence weakens among Britons amid tax rise fears
GfK's long-running Consumer Confidence Index dropped one point to remain in firmly negative territory at -19 points. Researchers suggested the figures showed that consumers are currently 'sensing stormy conditions ahead' amid wider uncertainty in the economy. The drop was shallower than expected by economists, who had predicted a reading of -20 for the month. The research found that its measure from consumers' view of the general economic situation for the country over the past year dropped one point to -44. Expectations for the general economic situation over the next 12 months also decreased by one point for the month. Meanwhile, the index for consumers' views on their personal finances remained steady but was still in negative territory. Nevertheless, there was a rise in the study's savings measure and people continued to seek to benefit from elevated interest rates. Neil Bellamy, consumer insights director at GfK, said: 'The key measures on personal finances, the economy and purchase intentions are flat in July, and many will conclude that consumers are in a cautious wait-and-see mood. 'But the data suggests that some people may be sensing stormy conditions ahead. 'With speculation growing over possible tax rises in the autumn budget, and price pressure contributing not just to higher inflation already but also to the likelihood of worse inflation to come, the news is worrying.' It came as figures from the Office for National Statistics (ONS) showed that retail sales bounced back 0.9% last month as record hot weather boosted sales of food and drink.
