YouGov: Consumer Confidence Dipped In August

Consumer confidence slightly declined in August 2024, according to the latest data from YouGov and the Centre for Economics and Business Research (Cebr). The index fell from 111.3 to 110.9 (-0.4), largely due to falling confidence in household finances and business activity. Any score greater than 100 indicates positive sentiment, less than 100 indicates negative sentiment.

YouGov collects consumer confidence data every day, conducting over 6,000 interviews a month. Respondents answer questions about household finances, property prices, job security, and business activity, capturing their views on the past 30 days and on their forecast for the coming 12 months.

After improvements in July, August 2024 saw retrospective household finance measures drop from 93.1 to 92.7 (-0.4), while outlook slumped from 100.9 to 97.4 (-3.5): the largest monthly decline since July 2023 (-4.7).

The other major contributor to the August dip were the business activity indices. Retrospective measures fell from 111.5 to 109.4 (-2.1), while measures for the year ahead slumped from 126.7 to 125.6 (-1.1).

Job security was something of a mixed bag in August. While scores for the past 30 days fell from 98.3 to 96.7 (-1.6), outlook rose from 116.3 to 118.4 (+2.1).

In an otherwise dour month, the mood among homeowners improved. Scores for the past 30 days improved from 114.3 to 115.5 (+1.2), while scores for the next 12 months rose from 128.9 to 131.2 (+2.3).