Research carried out by GfK on behalf of the European Commission shows that UK consumer confidence remains stable at -6, according to GfK's overall index figures.
Head of market dynamics at GfK Joe Staton assessed the results, saying there are “no real upsets this month as the barometer continues to bump along in negative territory. Consumers remain cagey about the state of their personal finances and the general economic picture for the UK, especially as wage growth fails to keep pace with the rising costs of living."
Since the Brexit referendum, he added, "household spending has been a big driver of growth, so any slump will dent future economic prospects. However, if we carry on shopping, as seen by the uptick in the major purchase index, then forecasts for a post-trigger/pre-Brexit slowdown could be proved wrong.”
The Results Broken Down
The research polled participants on five distinct measures:
- Personal financial situation over last 12 months (+1)
- Personal financial situation over next 12 months (-)
- General economic situation over last 12 months (-)
- General economic situation over next 12 months (-)
- Major purchase index (+1)
The GfK survey also reports a savings index, which rose three points to -1, one point higher than March 2016. This figure is not used in calculating the overall index score.
The GfK study has been running since 1974 with back data available as far back as 1996. In order to maintain comparability, the results have not been seasonally adjusted.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Gavin Ryan. Click subscribe to sign up to ESM: The European Supermarket Magazine.
