Home General UK Consumer Confidence, Near All-Time Low After Pandemic Slump

UK Consumer Confidence, Near All-Time Low After Pandemic Slump

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British consumer morale is at its lowest since 2009 this month following the tumbling in previous March, as the country carries on in coronavirus shut-down and a queue for a steep recession, a survey illustrated on Friday.

GfK, a polling business, claimed its consumer certainty index held at -34 during the April 1-14 survey period, consistent from the previous survey for March 16-27 but still down very sharply from -9 prior that month.

“It is impossible to claim if this is at the bottom after weeks of adjustment to the reality of lockdown lifestyle, or if further falls are to come,” GfK’s client strategy director Joe Staton stated.

Bank of England policymaker Gertjan Vlieghe claimed on Thursday that Britain looked on course for imost significantest decline in economic output since a catastrophic period of freezing weather more than three hundred years earlier.

The last GfK survey illustrated the most significant decline in more than 45 years, which took the index to its bottom level since February 2009, during the depths of the global financial turmoil.

The survey is only 5 points away from a record low of -39 seen in July 2008.

A measure of personal financial expectations for the year ahead rose from the previous survey two weeks ago, but perceptions of how the economy has performed over the past 12 months fell.

A gauge of households’ willingness to make significant purchases held steady.

GfK conducted a survey of 2,000 people on behalf of the European Commission.

Companies are just as alarmed about the impact of coronavirus and the government’s lockdown of much of the economy to contain it.

On Thursday, a widely watched measure of business activity hit a record low, and confidence among manufacturers was the weakest since records began in the 1950s.

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