Consumer confidence jumps as ‘Burnham bounce’ drives optimism
- UK consumer confidence experienced a significant six-point “Burnham bounce” in July, marking the largest increase since November 2023, although the headline figure remains negative at minus 17.
- The surge in optimism is attributed to factors such as summer heatwaves, the Fifa World Cup and the appointment of a new Prime Minister, Mr Burnham, alongside hopes for stabilising fuel prices.
- Confidence in the country’s general economic situation over the past 12 months jumped by 10 points to minus 39, while expectations for the economy over the next year rose by eight points to minus 28.
- The Major Purchase Index, indicating confidence in big-ticket items, increased by eight points to minus 12, and personal finances for the next year climbed three points into positive territory at one.
- The survey was conducted between 1 and 14 July, prior to Mr Burnham officially taking office and making policy announcements, with his administration subsequently pledging to be a ‘cost of living government’ and to dismantle Thatcher-era economic policies.
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