Spring is in the air with increases across the board on personal finances, the general economy and purchase intentions
GfK’s long-running Consumer Confidence Index increased three points in March 2018. All five of the constituent measures recorded higher values.
Joe Staton, Head of Experience Innovation UK at GfK, says:
“Despite the Beast from the East leaving the nation shivering under a blanket of snow, stoic UK consumers turned faintly bullish this March with a three-point uptick in the Overall Index Score to -7. Spring is in the air with increases across the board on personal finances, the general economy – over the last year and next year – and on current major purchase intentions. The prospect of wage rises finally outstripping declining inflation, high levels of employment with low-level interest rates, and finally some movement on the Brexit front appear to have boosted our spirits. It’s still a little early to be talking about green-shoots, and the core score is of course still negative, but this is definitely a movement in the right direction. Consumers are feeling a tiny spring in their step – let’s see next month if April showers dampen the mood.”
UK Consumer Confidence Measures – March 2018
The Overall Index Score in March 2018 is -7. All five of the measures increased in March.
Personal Financial Situation
The index measuring changes in personal finances during the last 12 months has increased three points this month to +3; this is one point higher than this time last year.
The forecast for personal finances over the next 12 months has increased five points to +10 this month; this is seven points higher than March 2017.
General Economic Situation
The measure for the General Economic Situation of the country during the last 12 months has increased three points to -26; this is five points lower than March 2017.
Expectations for the General Economic Situation over the next 12 months have increased four points to -22; this is two points lower than this time last year.
Major Purchase Index
The Major Purchase Index has increased two points this month to +2; this is four points lower than March 2017.
Savings Index
The Savings Index has increased one point to +13 in March; this is 14 points higher than this time last year.
