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Financial News: UK GfK Consumer Confidence Near Historic Low

UK GfK Consumer Confidence Near Historic Low

04/22/2022 - 02:15:00 (RTTNews)

(RTTNews) - UK consumer confidence dropped to a near historic low in April as rising inflation and interest rates dampened household finances, survey results from the market research group GfK showed on Friday. The consumer sentiment index declined to -38 in April from -31 in March.

All five measures were down in comparison to the March 25th announcement.

"There's clear evidence that Brits are thinking twice about shopping, as seen in the tumbling Major Purchase Index - now is not considered to be a good time to buy," Joe Staton, a client strategy director at GfK, said.

"This is dire news for consumer confidence and with little prospect of any economic relief on the horizon we can only forecast further falls in the Index for the year ahead," Staton added.

The index measuring past changes in personal finances dropped six points to -19 in April. Likewise, the forecast for personal finances over the coming year dropped eight points to -26.

The measure for the general economic situation over the last twelve months was down nine points at -60. Similarly, the outlook for the general economic situation dropped six points to -55 in April.

The Major Purchase Index decreased by eight points to -32 in March. The survey was carried out between March 1 and 14.

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