NEWS11 May 2020

Consumer confidence stays weak

Covid-19 FMCG Finance News Retail UK

UK – Consumer confidence increased by one point at the end of April, but remains ‘severely depressed’ at -33, according to GfK’s Consumer Confidence Barometer.

Consumer confidence

The interim report published by GfK used data collected from interviews between 20th-26th April.

There was an improvement in the outlook for people’s personal finances over the next 12 months, with that measure increasing by three points to -11. The measure for the economic situation also rose by three points to -53.

All measures are still considerably lower than they were before April.

Joe Staton, client strategy director, GfK, said: "Despite a one-point improvement in our second Covid-19 flash report at minus -33, consumer confidence in Britain’s lockdown economy is still severely depressed. However, we are recording small improvements in our personal finances and the wider economic picture for the next 12 months, key indicators when gauging optimism for our path to recovery." 

There was also a small increase to the Major Purchase Index, which tracks whether or not people think it is currently a good time to be buying expensive items. However, Staton added: "In contrast to this, the nine-point spike in the Savings Index suggests cautious consumers are stashing money under the mattress over worries for the future."

The Consumer Confidence Barometer is conducted by GfK on behalf of the EU. This data is from the second interim report produced in response to the ongoing Covid-19 outbreak.