August saw consumer confidence grow as the UK economy “displays some signs of stability after a volatile start to the year”.
According to GfK’s latest Consumer Confidence Index, all five measures saw an increase throughout the month, jumping two points overall to minus 10.
This follows a dismal July, which saw confidence levels drop to the lowest point since the EU referendum last year.
The measures looking at changes to personal finance over the past year jumped four points to positive two, marking the highest increase in the index.
Meanwhile, measures looking forward to personal finances over the coming 12 months also saw a three-point rise to positive five.
Although personal finances were seen in a more positive light, the general economic situation of the country during the last year and outlook for the coming year were still low, rising one point each to minus 30 and minus 27 respectively.
Both of these measures were significantly lower than the same months last year.
“We’re seeing an uptick in August among consumers when reviewing their personal financial situation for both the past and next 12 months, as well as a slight improvement in views about the general economic situation of the country as a whole,” GfK head of market dynamics Joe Staton said.
“However, the index has a lot of ground to regain to get back to black.
“So is this month’s rise significant? Or could we simply be witnessing a dead-cat-bounce over the dog-days of summer?”