British consumer confidence reached its lowest level in a decade in the second half of May. This is reported by market researcher GfK. British people are concerned, among other things, about an increase in unemployment and falling house prices as a result of the corona crisis.
Those concerns pushed the consumer confidence index in the second half of last month to a level of minus 36, the lowest level since January 2009. A reading of minus 34 was recorded in the first two weeks of May.
According to GfK, the deteriorating sentiment is part of the fact that there is no prospect of a rapid recovery of the economy, which was initially hoped for.
“People remain pessimistic about their financial situation and the broader economic picture this year,” said strategy director Joe Staton.
There is a silver lining, says Staton. The willingness to make large purchases has increased slightly among British consumers.
It is interesting to see how buying will develop in a world of appropriate distance shopping and a massive shift towards online shopping.