New data suggests there was a slight improvement in consumer confidence at the end of April, although the level remains “severely depressed”.
GfK’s interim COVID-19 flash report using data gathered between 20 – 24 April shows its Consumer Confidence Index has increased by one point to -33.
Of the measures that make up the score, three measures increased, one measure decreased, and one measure remained the same:
Joe Staton, GfK’s Client Strategy Director, commented: “Despite a one-point improvement in our second COVID-19 flash report at minus -33, consumer confidence in Britain’s lockdown economy is still severely depressed. However, we are recording small improvements in our personal finances and the wider economic picture for the next 12 months, key indicators when gauging optimism for our path to recovery.
“And although the majority of high street retailers have been closed since March 23rd, we are also seeing a small pick-up in our Major Purchase Index with a three-point increase, a possible indication of pent-up demand once business returns to the ‘new normal’. But in contrast to this, 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.”
