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United Kingdom Consumer Confidence March 2023

United Kingdom: Consumer confidence hits one year high in March but remains downbeat

Consumer confidence came in at minus 36.0 in March, up from February’s minus 38.0. March’s result marked the strongest sentiment since March 2022. Despite the uptick, the index remained entrenched below the 0-point threshold separating pessimism from optimism among consumers.

Consumers grew more optimistic about general economic conditions and their willingness to make major purchases, but were more downbeat about their personal financial situations.

Regarding the reading, Joe Staton, GfK’s client strategy director, stated:

“Wages are not keeping up with rising prices and the cost-of-living crisis remains a stark reality for most. The recent Budget will bring relief to some sections of the population, but for now many people are simply looking to survive day-by-day. Just having enough money to live right and pay the bills remains the number one concern for consumers across the UK.”

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