Published on May 13th, 2020 | by The GC Team0
COVID-19 flash report shows rise in UK consumer confidence
Consumer confidence rose by one point at the end of April, according to an interim COVID-19 flash report released by researcher GfK.
The study, which used data gathered between 20th and 24th April to determine a confidence score of -33 based on five long-established measures, found that three increased, one decreased, and one remained the same.
Unexpectedly, consumers appear to be looking forward with some confidence about the 12 months ahead, with their personal financial situations and general outlook for the economy both rising by three points – “key indicators when gauging optimism for our path to recovery,” said Joe Staton, GfK’s Client Strategy Director.
Although noting that consumer confidence in Britain’s lockdown economy is still severely depressed, Staton pointed towards a possible indication of pent-up demand once business returns to the ‘new normal’, based on a three-point uptick in the Major Purchases Index.
“But in contrast to this,” he said, “the nine-point spike in the Savings Index – even with interest rates slashed – suggests cautious consumers are stashing money under the mattress over worries for the future.”