"We have seen a small improvement in Consumer Confidence in August, but this should not be seen as a turnaround in core sentiment. This improvement could be down to a number of recent factors, which are mostly of short-term influence, such as cheaper petrol offers, summer holidays happening or just a general feeling of "things can’t get any worse can they?”. In particular, winning gold medals in the Olympics seems to have had a lifting effect. When we looked at the Index score before and after the Olympic weekend, the score rose 3 points between the first and second weekend. This, combined with summer holiday euphoria, may have helped lift consumers’ perceptions of their personal situation and the general economy.”
we see a continuing trend of UK consumers finding ways to save money in these hard times.
Measure | July 2008 | August 2008 |
Changed to buying supermarket own brands rather than branded goods | 42% | 39% |
Gone out less to pubs or restaurants | 41% | 38% |
Cut back on the amount of holiday travel you plan to do | 38% | 35% |
And although oil prices have fallen back in recent weeks, the UK motorist is still feeling the pinch, and looking to reduce the amount they use their car.
Measure | July 2008 | August 2008 |
Reduced the number of journeys you make by car | 50% | 46% |
Used more public transport rather than the car | 21% | 22% |
(1Source: GfK NOP’s Consumer Behaviour Monitor interviewed 1,000 UK adults by telephone, 22 - 24 August 2008)
The overall index score this month has increased three points to -36, thirty-two points lower than this time last year. This increase has been caused by a rise across three of the five measures. The annual moving average has dropped to -20.
Overall index score -36 -39 -4 Personal financial situation over last 12 months -16 -20 +2 Personal financial situation over next 12 months -12 -18 +12 General economic situation over last 12 months -69 -69 -25 General economic situation over next 12 months -47 -52 -15 Climate for major purchases -38 -37 +4
August 2008
July 2008
August 2007
The index measuring changes in personal finances during the last year has increased by four points to a score of -16; this is eighteen points lower than this time last year. This remains at levels not seens since Spring '95.
The forecast for personal finances over the next year has risen six points to a score of -12. This is twenty-four points lower than this time last year. This level has not been seen since Summer ’94.
The measure for the general economic situation of the country during the last twelve months remained the same as last month with a score of –69; this is a massive forty-four points lower than this time last year. This score has not been this low since December ’92 when it was -67.
Expectations for the general economic situation over the next twelve months have increased by five points to -47; thirty-two points lower than this time last year. This score is the lowest on record for this measure (GfK NOP data held since 1982).
The major purchases measure has fallen by one point, from -37 to -38; this is forty-two points lower than this time last year. This score remains at its lowest on record for this measure (GfK NOP data held since 1982).
The ‘now is a good time to save’ Index, has risen by one point to +21, this is twenty-one points lower than this time last year.
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please contact Amanda Wheeler, PR & Communications Manager.