The measure for the general economic situation of the country during the last 12 months is up 3 points at -62 compared to last month and 11 points lower than in March 2022. Expectations for the general economic situation over the next 12 months have increased by 3 points month on month (MoM) to -40, 9 points better than March 2022, GfK said in a press release.

Consumer confidence in the UK increased by 2 points in March 2023, with the overall index at -36 compared to -38 in February. The index for personal financial situation over the next 12 months dropped by 3 points to -21 from -18 in February, and the index for general economic situation over the last 12 months increased by 3 points MoM to -62.

The Major Purchase Index is up 4 points MoM to -33, 9 points lower than this month last year, and the Savings Index is up 2 points MoM this month at +21, 3 points higher than this time last year.

Joe Staton, client strategy director, GfK says: “A small improvement in the Overall Index Score this month masks continuing concerns among consumers about their personal financial situation. This measure best reflects the financial pulse of the nation and it remains weak, with the figure for the coming year down 3 to -21 and an unchanged score for the past 12 months of -26. Forecasts that headline inflation will fall this year have proved premature, given Wednesday’s announcement of an unexpected increase.

“Wages are not keeping up with rising prices and the cost-of-living crisis remains a stark reality for most. The recent Budget will bring relief to some sections of the population, but for now many people are simply looking to survive day-by-day. Just having enough money to live right and pay the bills remains the number one concern for consumers across the UK.”

Fibre2Fashion News Desk (KD)