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GfK: UK Consumer Confidence Shows Green Shoots Of Recovery

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GfK’s long-running Consumer Confidence Index increased seven points to -16 in March. All five measures increased in comparison to the February 19th announcement.

Joe Staton, GfK’s Client Strategy Director, comments, “Spring is in the air on the back of well-received Budget announcements, the successful vaccine roll-out and roadmaps in place for ending lockdown. All measures jumped in March with the Overall Index Score up a robust seven points to -16. This marks an improvement each month into 2021.

"The scores looking ahead one year are recovering especially well. The personal finance measure for the next 12 months is now at +10, which is the first time in three years it has been this high. Our measure on economic prospects for the next 12 months is also up 13 points to -17, a strong result following February’s equally strong 14-point boost.

"If this improved mood translates into spending, it might help reverse some of the economic damage the UK has suffered. And the eight-point fillip in our major purchase measure to the new level of -11 suggests this may well happen. It’s highly likely this upward trajectory on all measures will build over the next six months and beyond.”

UK Consumer Confidence Measures – March 2021

The Overall Index Score increased seven points to -16 in March. All five measures were up against the February 19th announcement.

Personal Financial Situation

The index measuring changes in personal finances over the last 12 months is up six points at -2; this is four points worse than March 2020. 

The forecast for personal finances over the next 12 months is also up six points this month at +10; this is seven 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 up four points at -60; but this is 37 points lower than in March 2020.  

Expectations for the general economic situation over the coming 12 months have jumped 13 points to -17; this is ten points higher than March 2020.

Major Purchase Index

The Major Purchase Index has increased by eight points to -11 in March; but this is still nine points lower than it was this month last year.

Savings Index

The Savings Index is up by two points to +21 in March; this is 11 points higher than this time last year.

Source : Joe Staton, GfK

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22 March 2021

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