29 May 2024, 15:28
By Furniture News Mar 24, 2023

Consumer confidence up in March yet outlook remains uncertain, says GfK

GfK’s Consumer Confidence Index increased two points in March to -36. Three measures were up – including the Major Purchase Index, which rose four points to -33 (down nine points YoY) – one was unchanged, and one was down in comparison to last month’s announcement.

Joe Staton, client strategy director at GfK, says: “A small improvement in the overall index score this month masks continuing concerns among consumers about their personal financial situation. This measure best reflects the financial pulse of the nation and it remains weak, with the figure for the coming year down three to -21 and an unchanged score for the past 12 months of -26.

"Forecasts that headline inflation will fall this year have proved premature, given Wednesday’s announcement of an unexpected increase. Wages are not keeping up with rising prices and the cost of living crisis remains a stark reality for most. The recent Budget will bring relief to some sections of the population, but for now many people are simply looking to survive day by day. Just having enough money to live right and pay the bills remains the number-one concern for consumers across the UK.”

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