GfK: Consumer Confidence Unchanged In March

• UK Consumer confidence remains at -21 in March
• Has confidence stalled or does the encouraging score on personal finances point a bright way forward?

GfK’s long-running Consumer Confidence Index was unchanged at -21 in March. Three measures were up and two were down in comparison to last month’s announcement.

Joe Staton, Client Strategy Director GfK, says: “Consumer confidence stalled at minus -21 in March, following the two-point dip in February. The improved Personal Finance measure (next 12 months) at +2 is encouraging because it’s the first positive and the highest score since December 2021. This is welcome news given the challenges faced by Britons of fiscal drag, higher costs for fuel, rising council taxes and utilities eroding any increases in wages or other income. But is there a note of worry this month? Look back to last year and it’s clear the improvements in consumer confidence seen most months since January 2023 have vanished.  Moreover, this month the Major Purchase Index has dropped two points, the view of the wider economy over the past year is down and the Savings Index has dived four points. Are we temporarily on pause, or are consumers about to press ‘reverse’? In the run-up to the next UK General Election, these are important questions for the future health of the economy.” 

UK Consumer Confidence Measures – March 2024

The Overall Index Score was unchanged at -21 in March. Three measures were up and two were down in comparison to last month’s announcement.  

Personal Financial Situation 

The index measuring changes in personal finances during the last year is up one point at -13; this is 13 points better than March 2023.  

The forecast for personal finances over the next 12 months is up two points at +2, which is 23 points higher than this time last year. 

General Economic Situation 

The measure for the general economic situation of the country during the last 12 months is down two points at -45; this is 17 points higher than in March 2023.   

Expectations for the general economic situation over the next 12 months have increased by one point to -23; this is 17 points better than March 2023.

Major Purchase Index 

The Major Purchase Index is down two points to -27; this is six points higher than this month last year. 

Savings Index

The Savings Index has decreased four points to +25 in March; this is four points higher than this time last year.

Source : GfK

Image : Tero Vesalainen / shutterstock.com / 716625154 

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