Retail

Consumer confidence in UK highest in Apr since Feb 2022: GfK

24 Apr '23

1 min read

Pic: Mareks Perkons / Shutterstock

Insights

GfK's UK consumer confidence index rose for the third month in a row in April to minus 30, a six-point rise from March and the highest since February 2022.
The wider economic outlook is weak with double-digit inflation, though the economy is likely to avoid a recession this year.
GfK's sub-index of shoppers' willingness to make expensive purchases also rose.

Market research firm GfK’s UK consumer confidence index rose for the third month in a row in April to minus 30, a six-point rise from March and the highest reading since February last year. GfK client strategy director Joe Staton said there had been a ‘sudden flowering of optimism’ among households.

Expectations of consumers for the economy in the next 12 months hit a 15-month high and they saw the prospects for their personal finances as the brightest since February last year.

A rise was also witnessed in GfK's sub-index of shoppers' willingness to make expensive purchases. The firm’s gauge of savings intentions fell marginally, but was still positive and nine points higher than the same month last year.

This indicates British consumers are their most upbeat in more than a year this month, despite the surging cost of living, a global newswire reported.

While the country's economy is likely to avoid a recession this year, the wider outlook remains weak with double-digit inflation.

"The brighter views on what the general economy has in store for us ... could even be seen as the proverbial 'green shoots of recovery'," Staton was quoted as saying.

Fibre2Fashion News Desk (DS)

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