UK consumer confidence remains unchanged since February

GfK’s long-running Consumer Confidence Index remains stable at -6 in March. This is good news for retailers as the era of Brexit nearing hasn't yet had a greater negative impact in comparison with last month.

Joe Staton, Head of Market Dynamics at GfK, stated: “No real upsets this month as the Barometer continues to bump along in negative territory. Consumers remain cagey about the state of their personal finances and the general economic picture for the UK, especially as wage growth fails to keep pace with the rising costs of living. Since the Brexit referendum, household spending has been a big driver of growth, so any slump will dent future economic prospects. However, if we carry on shopping, as seen by the uptick in the Major Purchase Index, then forecasts for a post-Trigger/pre-Brexit slowdown could be proved wrong.”

The measure for the General Economic Situation of the country during the last 12 months has stayed at the same level at -21; this is 11 points lower than March 2016.Expectations for the General Economic Situation over the next 12 months have stayed at -20 in March; this is eight points lower than March 2016.

The UK Consumer Confidence Barometer is conducted by GfK on behalf of the EU, with similar surveys being conducted in each European country. In producing its own reports on the whole of Europe, the EU applies a seasonal adjustment to the data, to smooth out any changes that are functions, at least in part, of the time of year.

Photo credit:GFK Index Score