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Financial News: UK Consumer Sentiment Stagnates In March

UK Consumer Sentiment Stagnates In March

03/22/2024 - 04:17:00 (RTTNews)

(RTTNews) - UK consumer confidence stagnated in March but households turned positive about their future personal financial situation for the first time since 2021, survey results from the market research group GfK showed on Friday.

The consumer sentiment index held steady at -21 in March. The score was forecast to improve to -19.

The forecast for personal finances over the next twelve months rose to two points from zero. Likewise, the past personal financial situation index edged up to -13 from -14.

The index measuring the past general economic situation dropped two points to -45. On the other hand, the expectations index gained one point to -23.

The major purchase index declined two points to -27.

The improvement in the personal finance measure is welcome news given the challenges faced by Britons of fiscal drag, higher costs for fuel, rising council taxes and utilities eroding any increases in wages or other income, GfK Client Strategy Director Joe Staton said.

"Are we temporarily on pause, or are consumers about to press 'reverse'? In the run-up to the next UK General Election, these are important questions for the future health of the economy," said Staton.

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