UK Consumer Confidence down two points to -36

Consumer Confidence continues downward trend in lockdown Britain

London, June 5th, 2020 – GfK has released its 3rd COVID-19 flash report using data gathered between 20th and 26th May. It shows the long-running Consumer Confidence Index has decreased by two points over the past two weeks. Four measures decreased and one measure increased.   

Joe Staton, GfK’s Client Strategy Director, says: “GfK’s third COVID-19 flash report records drops across key measures to -36, just three points shy of the historic low of minus -39 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.

“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.”

UK Consumer Confidence Measures – 3rd COVID-19 flash

The Overall Index Score decreased by two points over the past two weeks. Four measures decreased and one measure increased.

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