GfK’s Consumer Confidence Index decreased seven points to -38 in April.
All five measures were down in comparison to the March 25th announcement. The Major Purchase Index decreased by eight points to -32 (down 20 points YoY).
Joe Staton, client strategy director, GfK, says: “The cost crunch is really hitting the pockets of UK consumers and the headline confidence score has dropped to a near-historic low. The scores looking at the next 12 months for our personal finances at -26 and the general economy at -55 are worse than the 2008 financial crash. The personal finance score for the next year is also worse than the initial Covid shock in 2020.
"When rising inflation and interest rates meet low growth and declining incomes, consumers will understandably be extremely cautious about any spending. There’s clear evidence that Brits are thinking twice about shopping, as seen in the tumbling Major Purchase Index – now is not considered to be a good time to buy. This is dire news for consumer confidence, and with little prospect of any economic relief on the horizon we can only forecast further falls in the index for the year ahead.”