UK consumer confidence hits lowest level due to coronavirus: GfK
British consumer confidence declined the sharpest, hitting its largest drop in more than 45 years, the GfK survey showed on Monday. The pessimism was brought by the worldwide economic shutdown aimed at combating the further spread of the deadly respiratory disease.
“Our COVID-19 ‘flash report’ shows a dramatic result with consumer confidence falling off the cliff in the last two weeks of March,” GfK client strategy director Joe Staton said.
The index was monitored to have dropped to -34 from its initial record of -9. According to GfK, households’ sentiment fluctuated to its lowest level since February 2009. This came amid upbeat demand for home equipment as more people decided to stay at home.
The business sector’s figures did not yield better results as the IHS Markit’s monthly purchasing managers’ index showed that both the services and manufacturing sectors heavily contracted.