Gfk’s long-running Consumer Confidence Index has decreased drastically by 25 points between the first two and last two weeks of March, falling to –34.
According to the market research organisation, it’s the biggest fall since records began in January 1974.
The ‘Personal Financial’ index fell by six points to -4 during the period, and the ‘General Economic Situation’ index also slumped by 17 points to -40.
Additionally, the ‘Major Purchase Index’ also declined by 50 points to -52.
Joe Staton, Gfk’s client strategy director, said: “Our Covid-19 ‘flash report’ shows a dramatic result with consumer confidence falling off the cliff in the last two weeks of March. The last time we saw such a decline was during the 2008 economic downturn.
“Our falling confidence in our personal financial situation and the wider economy reflects the new concern for many across the UK. Despite record grocery sales, and recent peaks for purchases of freezers, TVs and home office equipment as people prepared for a long period in the home, the Major Purchase Index is down 50 points – a stark picture for some parts of the retail industry in the short to medium term.”