UK Consumer Confidence stays at -6 in March
GfK’s Consumer Confidence Index for the UK remains stable at -6 in March. Three of the five measures stayed at the same level and two measures saw increases. The Overall Index Score in March was -6, the same level as the previous month. Three of the five measures stayed the same in March, and the remaining two measures increased.
The index measuring changes in personal finances during the last 12 months has increased by one point this month to +2 which is two points lower than this time last year. The forecast for personal finances over the next 12 months has stayed at +3 this month, scoring six points lower than March 2016. The measure for the General Economic Situation of the country during the last 12 months has stayed at the same level at -21, 11 points lower than March 2016.
Expectations for the General Economic Situation over the next 12 months have stayed at -20 in March, eight points lower than March 2016. The Major Purchase Index has increased one point this month to +6, five points lower than this time last year. The Savings Index has increased three points to -1, one point higher than March 2016.
“No real upsets this month as the Barometer continues to bump along in negative territory. 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,” said Joe Staton, Head of Market Dynamics at GfK.