UK consumer confidence jumps - GfK
By Abigail Townsend
Date: Friday 21 Apr 2023
(Sharecast News) - UK consumer confidence strengthened in April, a long-running survey showed on Friday, despite soaring food prices and inflation.
GfK's latest consumer confidence index was -30, a six-point improvement on March and the highest since February 2022, when it was -26.
Within that, all individual measures rose, with expectations for personal finances over the coming year jumping eight points to -13. Expectations for the economic situation rose six points to -34, while the major purchase index was up five points at -28.
The savings index, meanwhile, dipped two points to 19.
Joe Staton, client strategy director at GfK, said there had been "a sudden flow of optimism".
He continued: "As food and energy prices continue to rise and inflation eats into wages, the cost of living crisis is a painful day-to-day reality for many. But are all consumers buckling under the pressure? On the evidence of April's figures, the answer is no.
"The brighter views on what the general economy has in store for us, with April's six-point rise cementing a 20-point rise since January, could even be seen as the proverbial green shoots of recovery.
"The major purchase index is higher than it has been for a year and will bring much needed cheer to retailers as head into summer."
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