March consumer confidence ‘holds steady’

Market research company GfK’s long-running Consumer Confidence Index has showed that confidence among consumers in the UK stayed at the same level of -13 in March.

Personal finances during the last 12 months has stayed the same this month at 0; three points lower than March 2018. The forecast for the next 12 months has increased one point to +2 this month; which is eight points lower than the same month last year.

The general economic situation of the country during the last 12 months has stayed the same at -33 this month; seven points lower than March last year. Expectations for the general economic situation over the next 12 months have increased two points to -36; this is 14 points lower than March 2018.

The major purchase index decreased four points in March 2019 to +1; this is one point lower than March 2018, meanwhile the savings index increased two points in March to +20; this is seven points higher than at this time last year.

Joe Staton, client strategy director at GfK, said: “Consumer confidence has held steady this month at minus -13, despite political chaos and ensuing uncertainty as we try to find our rightful place within Europe. Against a backdrop of stable inflation and a robust labour market, where wages continue to grow more quickly than prices, confidence has remained negative but fairly stable since the referendum.

“However, while UK consumers report a small increase in optimism for their personal financial situation for the coming year, the index is being dragged down by our nagging fears for the general economy. Things might change when people feel the current crisis has passed but what sort of resolution can consumers reasonably contemplate just now? Or are consumers rightly sensing a bumpier economic climate for post-Brexit Britain?”