UK Consumer Confidence Drops in July Amid Economic Struggles and Inflation Pressures
Consumer confidence in the United Kingdom declined in July as the nation continues to face weak economic growth and stubborn inflation, according to data released on Friday.
The GfK Consumer Confidence Index, compiled in collaboration with the Nuremberg Institute for Market Decisions, fell to -19 in July from -18 in June, reversing the modest improvement seen the previous month.
“The data indicates that some consumers may be bracing for tougher times ahead,” said Neil Bellamy of GfK.
The survey highlighted growing pessimism around the broader economic outlook, influenced by global uncertainty, ongoing trade tensions, and domestic economic headwinds.
Bellamy also pointed to increasing speculation around potential tax hikes in the upcoming Autumn Budget, which has further weighed on consumer sentiment.
The dip in confidence comes as the UK economy continues to struggle with low growth and persistent inflation, amplifying concerns about future financial stability among households.
