Joe Staton, GfK’s Client Strategy Director, comments:
“At -34, Consumer Confidence in the UK remains battered despite efforts at loosening the COVID-19 restrictions. With unemployment claims rising by the highest rate on record and warnings of a recession and possible tax hikes, the damage done by the coronavirus pandemic to the UK economic landscape has been laid bare.
"The lower scores we have registered during May for perceptions of the general economic situation reflect this, and the Government is dampening down expectations of an immediate economic bounce back. So, despite plans to get the country up and running, consumers feel we are not out of the woods yet.
"Confidence will remain fragile for some time and the possibility of another spike in COVID-19 cases as we adapt to the ‘new normal’ is an obvious danger.”
The Overall Index Score decreased by one point over the past two weeks. Two measures decreased, two measures increased and one remained the same.
The index measuring changes in personal finances during the last 12 months is unchanged at -4; this is seven points lower than May 2019.
The forecast for personal finances over the next 12 months is slightly higher at -9 this month; this is 14 points lower than May 2019.
The measure for the general economic situation of the country during the last 12 months has dropped seven points to -55; this is 25 points lower than in May 2019.
Expectations for the general economic situation over the next 12 months are down one point at -54 points; this is 25 points lower than May 2019.
The Major Purchase Index has increased two points to -47 in May; this is 48 points lower than it was in May 2019.
The Savings Index has stayed the same in May at +14; this is two points lower than at this time last year.
GfK has released its 4th COVID-19 flash Consumer Confidence report using data gathered between 18th and 26th June. The Index has increased by three points over the past two weeks. Four measures increased and one measure decreased.Read more
GfK’s long-running Consumer Confidence Index increased six points to -30 for June. All five measures were up in comparison to the 3rd COVID-19 flash of June 5th.Read more
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.Read more