GfK Flash Report: Consumer Confidence Dived To -34 During First Weeks Of Lockdown

GfK has released an interim COVID-19 flash report using data gathered between 16th and 27th March. It shows the long-running Consumer Confidence Index has decreased drastically by 25 points between the first two and last two weeks of March – falling to –34. All measures that make up the Index Score have decreased.

It represents the biggest fall since records began in January 1974.

Joe Staton, GfK’s Client Strategy Director, says: “Our COVID-19 ‘flash report’ shows a dramatic result with consumer confidence falling off the cliff in the last two weeks of March. The last time we saw such a decline was during the 2008 economic downturn. Our falling confidence in our personal financial situation and the wider economy reflects the new concern for many across the UK. Despite record grocery sales, and recent peaks for purchases of freezers, TVs and home office equipment as people prepared for a long period in the home, the Major Purchase Index is down 50 points - a stark picture for some parts of the retail industry in the short to medium term.”

UK Consumer Confidence Measures – 16-27 March 2020

The Overall Index Score for the final two weeks of March 2020 is -34. All measures have decreased.

Source : GfK

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