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United Kingdom Consumer Confidence March 2021

United Kingdom: Consumer confidence picks up in March

Consumer confidence jumped to minus 16.0 in March from February’s minus 23.0. March’s result marked the best reading since March 2020, and was likely supported by the ongoing vaccination drive, additional fiscal stimulus announced in the 2021 Budget, and the government’s roadmap out of lockdown.

The uptick came on the back of an improvement in consumers’ views of the general economic situation over the next 12 months. In addition, consumers’ views of their financial situation over the next 12 months also strengthened.

Regarding the economic implications of March’s reading, Joe Staton, GfK’s client strategy director, stated:

“If this improved mood translates into spending, it might help reverse some of the economic damage the UK has suffered. And the eight-point fillip in our major purchase measure to the new level of -11 suggests this may well happen. It’s highly likely this upward trajectory on all measures will build over the next six months and beyond.”

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