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Consumer confidence 'battered' by Covid-19

New data shows consumer confidence remains “battered and bruised”, despite the partial lifting of coronavirus lockdown restrictions in the UK.

Consumer confidence declined by one point this month to -34, according to market research firm GfK’s index.

Shopper sentiment about the economy over the last year and for the year ahead fell by seven points and one point to -55 and -54 respectively. Both scores are down 25 points on May last year.

Joe Staton, GfK’s client strategy director, said: ”With unemployment claims rising by the highest rate on record and warnings of a severe recession and possible tax hikes, the damage done by the coronavirus pandemic to the UK economic landscape has been laid bare.

”The lower scores we have registered on the general economic situation reflect this and the government is dampening down expectations of an immediate economic bounce back. So despite plans to get the country up and running, consumers feel we are not out of the woods yet.

”Confidence will remain fragile for some time and the possibility of another spike in Covid-19 cases as we adapt to the ‘new normal’ is an obvious danger.” 

Drapers’ coronavirus update

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