Fall in UK consumer confidence gathers pace | WARC | The Feed

Fall in UK consumer confidence gathers pace

GfK’s long-running Consumer Confidence Index decreased seven points to -38 in April, with all five component measures down in comparison to last month.

Five measures 

• The index measuring changes in personal finances over the last 12 months has decreased six points to -19; this is 16 points worse than April 2021. 
• The forecast for personal finances over the next 12 months has decreased eight points to -26; this is 36 points lower than this time last year. 
• The measure for the country’s general economic situation during the last 12 months is down nine points at -60; this is two points lower than in April 2021.
• Expectations for the general economic situation over the coming 12 months have dropped by six points to -55; this is 44 points lower than April 2021.
• The Major Purchase Index has decreased by eight points to -32 in March; this is 20 points lower than this month last year.

Key quote

“There’s clear evidence that Brits are thinking twice about shopping, as seen in the tumbling Major Purchase Index – now is not considered to be a good time to buy. This is dire news for consumer confidence and with little prospect of any economic relief on the horizon we can only forecast further falls in the Index for the year ahead” – Joe Staton, Client Strategy Director GfK.

Sourced from GfK