UK consumer confidence suffers worst fall on record - GfK
UK consumer confidence fell in March at the fastest rate since records began in 1974, according to a survey out on Monday, as the coronavirus outbreak took its toll.
GfK released an interim Covid-19 "flash" report using data gathered between 16 and 27 March. It showed that the long-running consumer confidence index slid 25 points between the first two and last two weeks of March to -34, with all measures that make up the index down.
Joe Staton, client strategy director at GfK, 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."
The index tracking people’s financial situation over the last 12 months declined six points to -4, while the index tracking the situation over the next year slumped by 20 points to -17. The gauge tracking the general economic situation over the last year declined to -40 from -23 in the first two weeks of March, while the index for the general situation over the next year dropped 29 points to -56.
The major purchase index dipped by two points to 50.