Marketers ‘searching in vain’ for a consumer confidence boost

Latest figures from GfK show general pessimism about the UK’s economic future have extended to feelings around personal finances

Consumer confidence dropped two points in April, marking 28 consecutive months without a positive overall index score and painting “a gloomy picture” of consumers’ mindset.

According to GfK’s Consumer Confidence Index, all measures but one fell, leading the overall score to decrease to -9 — two points lower than April last year.

Consumers’ view of their ‘personal finance situation’ over the next 12 months fell by six points to +4, reversing the positive jump last month. In March, the personal finance measure doubled from five to 10 points.

The major purchase index, which measures propensity to buy a major good such as a sofa, crept up by one point. Despite this increase it still lags three points behind April 2017.

Speaking to Marketing Week, Joe Staton, client strategy director at GfK, says: “It’s not unreasonable to expect that the economic pessimism will sooner or later feed through more strongly to feelings on personal finances. It’s a gloomy picture overall.”

He adds: “The view on personal finances for the past year and coming year jumped in March but now that has been reversed in April. The personal finance picture has been broadly flat for many months – the scores for the past year and coming year today are the same as September 2017 and almost the same as August 2016. But the last-year and next-year measures on the wider economy clearly reveal ‘that sinking feeling’. We have -29 and -24 this month versus +3 and +6 three years ago in April 2015.

“We may have had a surprising burst of sunny weather recently; but we are still searching in vain for a burst of consumer confidence.”

Latest from Marketing Week

Tesco, M&S, Just Eat: 5 things that mattered this week and why

m&s

M&S chief outlines digital-first strategy after profits plummet Marks & Spencer (M&S) is gearing up for a digital-first future, after its revealed on Wednesday (23 May) that profits had dropped a massive 62.1% to £66.8m compared to the previous year. A day earlier, the struggling retailer confirmed it will close more than 100 stores over […]

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here