UK consumer confidence records its biggest fall since 1974 – GfK survey

In an extra poll conducted by GfK in late March, British consumer confidence dropped to the weakest since February 2009, as the economic shutdown to fight the coronavirus spread dampened households’ financial hopes.

Key findings

“The drop in the index to -34 from -9 in its regular survey for March, conducted earlier in the month, was the biggest in more than 45 years.

GfK client strategy director Joe Staton said: “Our COVID-19 ‘flash report’ shows a dramatic result with consumer confidence falling off the cliff in the last two weeks of March.”          

The biggest decline in the GfK survey came in households’ willingness to make major purchases, despite a spike in demand for freezers, televisions and home office equipment as people prepared to spend most of their time at home.”

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