UK consumer confidence hits lowest since GFC due to coronavirus impact – GfK survey


According to the latest survey conducted by GfK, a polling firm, the UK consumer confidence hits a decade low in late May, the lowest since the Global Financial Crisis (GFC), as Britons remain worried about the employment and housing market situation, in the face of the coronavirus crisis.

Key quotes

GfK consumer confidence index slipped to -36 in the second half of the month from -34 in the first two weeks, its lowest since January 2009 and not far off a series low of -39 touched in July 2008.

GfK’s client strategy director Joe Staton said: “With no sign of a rapid V-shaped bounce-back on the cards, consumers remain pessimistic about the state of their finances and the wider economic picture for the year to come.” 

“As the lockdown eases, it will be interesting to see just how the consumer appetite for spending returns in a world of socially-distanced shopping and the seismic shift to online retailing,” he added.

GBP/USD back below 1.2600

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