Consumer confidence is up six points to -30 in April 2023, compared to -36 in March, according to the GfK Consumer Confidence Index.
This is the third month in a row that confidence has improved, with a five-point increase in confidence in personal financial situation over the last 12 months – to -21 – and an eight-point increase in personal financial situation over the next 12 months, to -13.
Confidence in the general economic situation over the last 12 months stands at -55, up seven points, while confidence in the general economic situation over the next 12 months is at -34.
In comparison, consumer confidence stood at -38 in April 2022.
Joe Staton, client strategy director GfK, says: “As food and energy prices continue to rise, and inflation eats into wages, the cost-of-living crisis is a painful day-to-day reality for many. But are all consumers buckling under the pressure? On the evidence of April’s confidence figures, the answer is no.
“Instead, there’s a sudden flowering of optimism with big improvements across the board. The eight-point jump in how we see prospects for our personal financial situation is a dramatic change that might suggest household finances are stronger than we thought. The brighter views on what the general economy has in store for us, with April’s six-point rise cementing a 20-point improvement since January, could even be seen as the proverbial ‘green shoots of recovery’.
“Moreover, the Major Purchase Index at -28 is higher than it has been for a year and will bring much-needed cheer to retailers as we head into summer. This is the third month in a row that confidence overall has improved; can we look forward to this momentum building for the year ahead?”
