Consumer confidence ‘just above 2008 low’

Consumer confidence is sitting just above a historic low recorded in 2008, according to an index.

The overall index score for data analysis business GfK’s UK consumer confidence index in April was minus 34 – just five points above a low of minus 39 in July 2008.

The index, which surveyed more than 2,000 people between April 1 and 14, asks people how they feel about their personal financial situation, the wider economy and their attitude towards making major purchases.

While perceptions were negative in April, people appeared to have become slightly less downbeat about their expectations for their personal finances in 12 months’ time, compared with the days around the start of the lockdown, imposed to help limit the spread of coronavirus.

A score of minus 14 was recorded on this measure, compared with a more negative score of minus 17 when a similar survey took place between March 16 and 27.

The end-of-March survey had also recorded an overall score of minus 34.

Perceptions about the general economic situation over the past 12 months worsened between the end of March and the first half of April, with the score on this measure deteriorating from minus 40 to minus 44.

Joe Staton, client strategy director at GfK, said: “It is impossible to say if this is at the bottom after weeks of adjustment to the reality of lockdown life, or if further falls are to come.

“We are recording a three-point rise in expectations for personal finances for the next 12 months, although it is important not to attach too much significance to this.”