UK consumer confidence remains stable at -6 in March, GfK survey says

Consumer confidence in the UK stood at -6 in March, according to the latest UK Consumer Confidence report published on Friday (31 March) by market research firm GfK.

The report, which is released every month, showed that confidence levels were steady this month, remaining unchanged from February's reading. When compared to January, the confidence levels were a point lower.

The report showed that three of the five measures that go into making the index, stayed at the same level as the previous month, while two measures saw an uptick.

The measures that remained the same as last month were the forecast for personal finances over the next 12 months, the measure for the General Economic Situation of the country during the last 12 months and expectations for the General Economic Situation over the next 12 months. These had a reading of +3, -21 and -20 respectively.

Meanwhile, the index that measures changes in personal finances during the last 12 months was up one point to +2 in March. However, when compared on a year-on-year basis, this was down two points.

The Major Purchase Index too increased but by just one point to +6. This was, however, five points lower when compared to March 2016.

The saving Index, which is commented on but not used in the Index score, also saw a month-on-month increase. It was up three points to -1. On a year-on-year basis this was up one point.

"Consumers remain cagey about the state of their personal finances and the general economic picture for the UK, especially as wage growth fails to keep pace with the rising costs of living. Since the Brexit referendum, household spending has been a big driver of growth, so any slump will dent future economic prospects. However, if we carry on shopping, as seen by the uptick in the Major Purchase Index, then forecasts for a post-Trigger/pre-Brexit slowdown could be proved wrong", said Joe Staton, head of market dynamics at GfK.