Consumer confidence continues to increase

24th March 2023 | Jack Oliver

Consumer confidence rose again in March, following a bounce back in February.

GfK’s long-standing Consumer Confidence Index increased by two points in March, following a rise of seven points in February.

However, the overall score still sits at a low -36.

Consumer opinions of the general economic situation for the last and next 12 months, as well as the major purchase index (how likely consumers are to make expensive purchases), were all up.

Consumers’ feelings over their personal economic situation were more pessimistic, while the metric measuring personal financial situations over the previous 12 months was unchanged.

The savings index, which is not incorporated into the overall score, increased by two points.

Joe Staton, client strategy director at 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”.

“Just having enough money to live right and pay the bills remains the number one concern for consumers across the UK”, he added.


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