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UK GfK consumer sentiment weakens in March

Christian Fernsby |
UK consumer sentiment weakened moderately in March ahead of the national lockdown announced to stop the coronavirus outbreak, survey results from the market research group GfK showed Tuesday.

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Topics: GFK    UK   

The consumer confidence index fell two points to -9 in March. However, the score was better than the expected level of -15.

The survey was carried out during the first two-weeks of March, when the coronavirus was headline news but not impacting day-to-day lives of people across all UK nations to the degree as seen today, Joe Staton, client strategy director at GfK, said.

"While we have a long way to drop before we match the devastating numbers seen in July 2008, when the Overall Index Score crashed to -39 points, we are likely to suffer further deterioration now that we are in lock-down in Britain," Staton added.

Among sub-components of the index, only the indicator measuring changes in personal finances over the last twelve months increased in March, by three points to +2. Meanwhile, the forecast for personal finances over the next year decreased to +3.

The indicator for the general economic situation over the last 12 months remained unchanged at -23. At the same time, the expectations for the general economic situation declined six points to -27.

The major purchase index decreased eight points to -2 in March. Likewise, the savings index declined ten points to +10.

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