Consumer confidence up on all fronts in April
The long-standing GfK Consumer Confidence Index rose in every metric in April, reaching its highest level since the start of Russia’s invasion of Ukraine in February 2022.
The overall score rose six points to -30 in February, the third month in a row the score has increased.
The index is measured in five surveyed measures:
Personal financial situation over the last 12 months rose five points to -21, while personal financial situation for the next 12 months rose eight points to -13.
Consumer opinions on the general economic situation over the last 12 months rose seven points to -55, while feelings about the next 12 months rose six points to -34.
The major purchase index, which measures consumer likelihood to make larger, discretionary purchases, increased five points to -28.
The savings index, which does not factor in to the overall score, was the only metric to see a dip, falling two points to 19.
Joe Staton, client strategy director at GfK, said: “As food and energy prices continue to rise, and inflation eats into wages, the cost-of-living crisis is a painful day-to-day reality for many. But are all consumers buckling under the pressure? On the evidence of April’s confidence figures, the answer is no. Instead, there’s a sudden flowering of optimism with big improvements across the board.”