Consumer confidence fell off a cliff in the final two weeks of March after the government’s coronavirus lockdown was introduced.
An interim update to GfK’s long-running Consumer Confidence Index showed it had decreased drastically by 25 points between the first two and last two weeks of March – falling to –34. This is the biggest fall since records began in January 1974.
All measures that make up the Index Score have decreased:
Joe Staton, GfK’s Client Strategy Director, said: “The last time we saw such a decline was during the 2008 economic downturn. Our falling confidence in our personal financial situation and the wider economy reflects the new concern for many across the UK.
“Despite record grocery sales, and recent peaks for purchases of freezers, TVs and home office equipment as people prepared for a long period in the home, the Major Purchase Index is down 50 points – a stark picture for some parts of the retail industry in the short to medium term.”
