GfK’s long-running Consumer Confidence Index was unchanged at -21 in March.
Three measures were up and two were down in comparison to last month’s announcement. The Major Purchase Index was down two points to -27, leaving it six points higher YoY.
Joe Staton, client strategy director GfK, says: “Consumer confidence stalled at minus -21 in March, following the two-point dip in February.
"The improved Personal Finance measure (next 12 months) at +2 is encouraging because it’s the first positive and the highest score since December 2021. This is welcome news given the challenges faced by Britons of fiscal drag, higher costs for fuel, rising council taxes and utilities eroding any increases in wages or other income.
"But is there a note of worry this month? Look back to last year and it’s clear the improvements in consumer confidence seen most months since January 2023 have vanished. Moreover, this month the Major Purchase Index has dropped two points, the view of the wider economy over the past year is down and the Savings Index has dived four points.
"Are we temporarily on pause, or are consumers about to press ‘reverse’? In the run-up to the next UK general election, these are important questions for the future health of the economy.”
