Confidence builds but "continuing concerns"
March 27, 2023
Consumer confidence for major household purchases has continued to strengthen after last month's "suprise rebound" in sentiment, says leading retail analysts GfK today.
GfK's Major Purchase Index which follows a survey of consumer purchase intentions for furniture, flooring and home appliances has gone up four points in March, following a three point rise in February.
The Major Purchase Index is still at minus 33 however and that's nine points lower than this time last year.
The overall Consumer Confidence Index covering all purchases saw an increase by two points to minus 36 in March.
GfK's director Joe Staton is cautious. "“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.
"Forecasts that headline inflation will fall this year have proved premature.Wages are not keeping up with rising prices and the cost-of-living crisis remains a stark reality for most," he said.
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