Consumer confidence increases March
New figures have shown that UK consumer confidence has increased in March as people feel more optimistic due to the Covid-19 vaccine rollout and the prospect of the end of lockdown.
Data from GfK’s longstanding Consumer Confidence Index has revealed that overall index has jumped seven points to -16.
Joe Staton, GfK’s client strategy director, said: “Spring is in the air on the back of well-received Budget announcements, the successful vaccine roll-out and roadmaps in place for ending lockdown. All measures jumped in March with the Overall Index Score up a robust seven points to -16. This marks an improvement each month into 2021.”
The index measuring the forecast for people’s personal finances over the next 12 months has risen by six points to 10 to reach its highest point in three years. In addition, the measure for expectations for the general economic situation over the same period has climbed by 13 points to -17.
Meanwhile, GfK’s major purchase index has increased by eight points to -11 in March, although this is still nine points lower than it was in the same month last year.
Staton added: “If this improved mood translates into spending, it might help reverse some of the economic damage the UK has suffered. And the eight-point fillip in our major purchase measure to -11 suggests this may well happen. It’s highly likely this upward trajectory on all measures will build over the next six months and beyond.”
Image by Georgia Hawkins
