14 June 2024, 04:10
By Furniture News Apr 21, 2023

Appetite for major purchases continues to grow

GfK’s long-running Consumer Confidence Index increased six points to -30 in April, will all measures up MoM – including the Major Purchase Index, which rose five points to -28 (up four points YoY).

Joe Staton, client strategy director GfK, says: “As food and energy prices continue to rise, and inflation eats into wages, the cost of living crisis is a painful day-to-day reality for many.

"But are all consumers buckling under the pressure? On the evidence of April’s confidence figures, the answer is no. Instead, there’s a sudden flowering of optimism, with big improvements across the board. The eight-point jump in how we see prospects for our personal financial situation is a dramatic change that might suggest household finances are stronger than we thought. The brighter views on what the general economy has in store for us, with April’s six-point rise cementing a 20-point improvement since January, could even be seen as the proverbial ‘green shoots of recovery’.

"Moreover, the Major Purchase Index at -28 is higher than it has been for a year and will bring much-needed cheer to retailers as we head into summer.

"This is the third month in a row that confidence overall has improved – can we look forward to this momentum building for the year ahead?”

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