Published on May 10th, 2019 | by The GC Team0
Consumers keep calm and carry on amid Westminster wrangling
Consumer confidence remained stable for the third consecutive month in April, irrespective of Parliamentary plotting and dissent.
Although still in negative territory, at -13, the status quo was maintained due to a rise in the General Economic Situation offsetting a fall in the Personal Finances and Major Purchases Indices.
Surprisingly, confidence in the economic situation over the last 12 months rose three points, and the outlook for the coming 12 increased by two points.
Joe Staton, Client Strategy Director at GfK, said: “Consumers are holding firm and remain unshaken by the daily headlines of turmoil and intrigue, although we remain in negative territory.
“The biggest change is a sudden drop in the motivation to save money. This is down by eight points and represents the largest monthly drop in our savings measure since after the Brexit referendum in June 2016.”
Staton added that a further two-point drop in the measure on Major Purchases, which reflects consumers’ enthusiasm for the purchase of big-ticket items, suggests more challenges in the near future, at least for the retail sector.