British Consumer Confidence Dips Back to Record Lows

Despite the UK government unveiling its plans to ease the lockdown over the coming weeks, consumer confidence in the country has plummeted

British Consumer Confidence Dips Back to Record Lows

Despite the UK government unveiling its plans to ease the lockdown over the coming weeks, consumer confidence in the country has plummeted back to record lows for the month of May. After a slight increase to -33 in the second half of April, the GfK consumer confidence index is back at -34 during the first half of May.

According to client strategy director at GfK, Joe Staton, “With unemployment claims rising by the highest rate on record and warnings of a severe recession and possible tax hikes, the damage done by the coronavirus pandemic to the UK economic landscape has been laid bare.”

On a slightly positive note, GfK’s Major Purchase Index marked an improvement for the second consecutive survey, but remains firmly in negative territory at -47. For the same period a year ago, the index stood at +1, considerably higher.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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