Consumer confidence improved in March

27th March 2023

UK consumer confidence rose to its highest level since March 2022, latest figures from the GfK Consumer confidence barometer show.

The Overall Index Score increased two points in March to -36. Three measures were up, one was unchanged and one was down in comparison to last month’s announcement.

The index measuring changes in personal finances during the last 12 months was the same at -26; this is 13 points worse than March 2022. The forecast for personal finances over the next 12 months decreased three points to -21, which is three points lower than this time last year.n

The measure for the general economic situation of the country during the last 12 months is up three points at -62; this is 11 points lower than in March 2022. Expectations for the general economic situation over the next 12 months have increased by three points to -40; this is nine points better than March 2022.

Joe Staton, Client Strategy Director, GfK said “A small improvement in the Overall Index Score this month masks continuing concerns among consumers about their personal financial situation. This measure best reflects the financial pulse of the nation and it remains weak, with the figure for the coming year down three to -21 and an unchanged score for the past 12 months of -26.”

“Forecasts that headline inflation will fall this year have proved premature, given Wednesday’s announcement of an unexpected increase. Wages are not keeping up with rising prices and the cost-of-living crisis remains a stark reality for most. The recent Budget will bring relief to some sections of the population, but for now many people are simply looking to survive day-by-day. Just having enough money to live right and pay the bills remains the number one concern for consumers across the UK.”