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GfK: UK Consumer Confidence Continues To Nosedive

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GfK’s long-running Consumer Confidence Index decreased five points to -31 in March. All five measures were down in comparison to the February 25th announcement.

Joe Staton, Client Strategy Director GfK, says: “A wall of worry is confronting consumers this month and there is an unmistakable sense of crisis in our numbers. Consumers across the UK are experiencing the impact of soaring living costs with 30-year-high levels of inflation, record-high fuel and food prices, a recent interest-rate hike and the prospect of more increases to come, and higher taxation too – all against a background of stagnant pay rises that cannot compensate for the financial duress. This is the fourth month in a row that UK consumer confidence has dropped.

"With a headline score of -31, we are at a level last seen in October and November 2020 when Covid numbers were rising. Confidence in our personal financial situation and in the wider economy are severely depressed while the daily news of unimaginable suffering from a horrifying war in Europe and rising COVID numbers at home is adding to the bleak mood. The outlook for consumer confidence is not good; it’s certain there’s more bad news to come.”

UK Consumer Confidence Measures – March 2022
The Overall Index Score decreased five points to -31 in March. All five measures were down in comparison to the February 25th announcement.

Personal Financial Situation
The index measuring changes in personal finances over the last 12 months has decreased two points to -13; this is 11 points worse than March 2021.

The forecast for personal finances over the next 12 months has decreased four points to -18; this is 28 points lower than this time last year.

General Economic Situation
The measure for the general economic situation of the country during the last 12 months is one point lower at -51; this is nine points higher than in March 2021.

Expectations for the general economic situation over the coming 12 months have dropped by six points to -49; this is 32 points lower than March 2021.

Major Purchase Index
The Major Purchase Index has decreased by nine points to -24 in March; this is 13 points lower than it was this month last year.

Savings Index
The Savings Index has gone up by four points to +18 in March; this is three points lower than this time last year.

Source : Joe Staton, GfK

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25 March 2022

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