UK consumer confidence fell in April as all measures were down during the month.
According to the latest GfK Consumer Confidence Index, overall figures decreased by four points to -23 in April. All measures were down in comparison to last month’s announcement.
The Major Purchase Index, which includes big ticket items such as furniture, is down two points at -19; this is six points better than this month last year.
The measure for the general economic situation of the country during the last 12 months is down five points to -47; this is six points worse than in April 2024.
The index measuring changes in personal finances during the last year is down one point at -10; this is one point better than April 2024.
The Savings Index has recovered five points to reach +30 in April; this is four points better than this time last year.
Neil Bellamy, Consumer Insights Director at GfK, an NIQ Company, says: “Headline confidence is down four points in April, led by two sharp drops in our economic measures. There’s an eight- point fall from -29 to -37 in how people see the wider economy in the coming year, and a five-point dip for the past year’s economic performance.
“The future indicator on personal finances has also slipped badly, dropping four points to -3. There are good reasons for this downturn. Consumers have not only been grappling with multiple April cost increases in the form of utilities, council tax, stamp duty, and road tax, but they are also hearing dire warnings of renewed high inflation on the back of the Trump Tariffs.
“The inflation rate eased in March, but are we now on the verge of another round of rapidly increasing prices? If so, consumer confidence is likely to collapse and the broad gains seen since the disastrous September 2022 minibudget, when confidence hit a record low of -49, could quickly be eroded.”
