Consumer confidence in the UK stayed at the same level in March, despite “political chaos” and Brexit uncertainty.
Research carried out by GfK on behalf of the European Commission showed the Consumer Confidence Index stayed at -13, but further declines are expected over the coming months.
Joe Staton, client strategy director at GfK, commented: “Consumer confidence has held steady this month at minus -13, despite political chaos and ensuing uncertainty as we try to find our rightful place within Europe.
“Against a backdrop of stable inflation and a robust labour market, where wages continue to grow more quickly than prices, confidence has remained negative but fairly stable since the [Brexit] referendum.
“However, while UK consumers report a small increase in optimism for their personal financial situation for the coming year, the index is being dragged down by our nagging fears for the general economy. Things might change when people feel the current crisis has passed, but what sort of resolution can consumers reasonably contemplate just now? Or are consumers rightly sensing a bumpier economic climate for post-Brexit Britain?”