Consumer confidence in March stayed negative as shoppers remained apprehensive about the UK‘s economic state of affairs.
New data from GfK‘s Consumer Confidence Index shows that confidence was down six points compared to last year, but remained at February‘s level of -6.
Similarly, confidence about the year ahead stuck at February‘s -20, as did optimism about the general economic situation – although this was down 11 points year-on-year.
Feelings about personal finance saw a one-point bump compared to February, topping +2 and optimism about personal finances over the coming year stayed flat, but both of these saw a year-on-year dip down two points and six points respectively.
READ MORE:Consumer confidence explained
“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,” GfK‘s head of market dynamics Joe Staton said.
“Since the Brexit referendum, 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.”