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Published on June 10th, 2020 | by The GC Team

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UK consumer confidence nears historic low

GfK has released its third COVID-19 flash report using data gathered between 20th and 26th May. The report shows the long-running Consumer Confidence Index has decreased by two points, with four measures declining and one increasing.   

Declines across key measures to -36 are just three points shy of the historic low of minus -39 recorded in July 2008.

“Against a backdrop of falling house prices, soaring jobless claims, and with no sign of a rapid V-shaped bounce-back on the cards, consumers remain pessimistic about the state of their finances and the wider economic picture for the year to come,” said Joe Staton, GfK’s Client Strategy Director.

“The only bright spark in the numbers is for the Major Purchase Index, with a six-point fillip pointing to latent demand among shoppers across the UK despite most outlets remaining shuttered.

“As the lockdown eases, it will be interesting to see just how the consumer appetite for spending returns in a world of socially-distanced shopping and the seismic shift to online retailing, alongside worries of a fresh spike in COVID-19 cases as relaxations increase.”

In February this year, the consumer confidence index stood at -7. By April it had reached -34. Now, this latest flash report shows it nearing the depths recorded during the global financial crisis.

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