Forecasts of a pre-Brexit consumer spending slowdown could be “proved wrong”, says GFK which published its Consumer Confidence Index for March today.
The overall index, which GFK produces for the European Union, remained stable at minus six in March.
Three of the five measures that make up the index remained steady and two – the measures of changes in personal finances during the past 12 months and the Major Purchase Index - increased.
Joe Staton, head of market dynamics at GfK, said consumers remained cagey about the state of their personal finances and the general economic picture for the UK, especially as wage growth failed to keep pace with the rising costs of living.
“Since the Brexit referendum, household spending has been a big driver of growth, so any slump will dent future economic prospects. However, if we carry on shopping, as seen by the uptick in the Major Purchase Index, then forecasts for a post-trigger/pre-Brexit slowdown could be proved wrong.”