Consumer confidence improves in March
Consumer confidence has improved in March despite the impact of the cost of living crisis.
GfK’s long running Consumer Confidence Index has edged up two points to -36 in the month.
Looking at the figures in more detail, the firm’s measure for the forecast for personal finances over the next 12 months has decreased by three points to -21 in March, which is three points lower than this time last year.
Meanwhile, the measure for expectations for the general economic situation over the next 12 months has risen by three points to -40, which is nine points better than March 2022. GfK’s major purchase index was also up, climbing by four points to -33.
Joe Staton, client strategy director GfK, said: “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.
“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.”
