Consumer confidence remains unchanged in March

GfK’s long-running Consumer Confidence Index remains stable at -6 in March.  Three of the five measures stayed at the same level and two measures saw increases. 

Joe Staton, Head of Market Dynamics at GfK, says:

“No real upsets this month as the Barometer continues to bump along in negative territory. Consumers remain cagey about the state of their personal finances and the general economic picture for the UK, especially as wage growth fails to keep pace with the rising costs of living. Since the Brexit referendum, household spending has been a big driver of growth, so any slump will dent future economic prospects. However, if we carry on shopping, as seen by the uptick in the Major Purchase Index, then forecasts for a post-Trigger/pre-Brexit slowdown could be proved wrong.”

UK Consumer Confidence Measures – March 2017 
The Overall Index Score in March was -6, the same level as the previous month.  Three of the five measures stayed the same in March, and the remaining two measures increased. 

Personal Financial Situation 
The index measuring changes in personal finances during the last 12 months has increased by one point this month to +2; this is two points lower than this time last year.
The forecast for personal finances over the next 12 months has stayed at +3 this month; this is six points lower than March 2016.

General Economic Situation 
The measure for the General Economic Situation of the country during the last 12 months has stayed at the same level at -21; this is 11 points lower than March 2016.  
Expectations for the General Economic Situation over the next 12 months have stayed at -20 in March; this is eight points lower than March 2016.

Major Purchase Index 
The Major Purchase Index has increased one point this month to +6; this is five points lower than this time last year.

Savings Index 
The Savings Index has increased three points to -1; this is one point higher than March 20.

Source: GfK Press Release