Consumer confidence rises thanks to vaccine rollout

Consumer confidence GfK consumer confidence barometer Joe Staton
Confidence was boosted by an increase in consumer sentiment over personal finances and the economy
// Consumer confidence rises as consumers anticipate end of lockdown
// The GfK consumer confidence barometer found that the overall score jumped 7 points to -16

New research has found that consumer confidence has increased in March thanks to the increased rollout of the Covid-19 vaccine.

The GfK consumer confidence barometer revealed that there was a vast improvement in consumer confidence during March, as people looked forward to a post-pandemic future.

The overall score jumped seven points to -16, marking the third consecutive month of increases in 2021.

READ MORE: Consumer confidence in February improves as vaccine rollout continues

Confidence was boosted by an increase in consumer sentiment over personal finances and the economy for the next year, which improved by six points and 13 points respectively.

Consumers were also more confident about their personal finances in the previous year with that measure growing six points to -2.

Feelings over the general economic situation over the past 12 months remain the most negative, at -60, but still increased four points during March.

Meanwhile, the major purchase index was boosted by eight points to -11.

“Spring is in the air on the back of well-received Budget announcements, the successful vaccine rollout and roadmaps in place for ending lockdown,” GfK client strategy director Joe Staton said.

“If this improved mood translates into spending, it might help reverse some of the economic damage the UK has suffered.

“And the eight-point fillip in our major purchase measure to -11 suggests this may well happen. It’s highly likely this upward trajectory on all measures will build over the next six months and beyond.”

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