Consumer confidence level remains unchanged since February
Latest figures have shown that consumer confidence has remained in negative territory this month but has not declined from February.
GfK’s long-running Consumer Confidence Index stayed at -6 in March.
While the indexes measuring the forecast for people’s personal finances and their outlook for the general economy were both stable at 3 and -20 respectively, there was some good news for retailers as the major purchase index rose by one point to 6.
Joe Staton, head of market dynamics at GfK, said: “Consumers remain cagey about the state of their personal finances and the general economic picture for the UK, especially as wage growth fails to keep pace with the rising costs of living.
“Since the Brexit referendum, household spending has been a big driver of growth, so any slump will dent future economic prospects. However, if we carry on shopping, as seen by the uptick in the major purchase Index, then forecasts for a post-Trigger/pre-Brexit slowdown could be proved wrong.”
