UK consumer confidence up in April with lower inflation and further tax cuts in sight - Indoors Beauty

UK consumer confidence up in April with lower inflation and further tax cuts in sight

UK consumer confidence up in April with lower inflation and further tax cuts in sight

Consumer confidence elevated two factors to -19 in April, in response to GfK’s long-running Consumer Confidence Index, reflecting the impression on family budgets of lower inflation and discuss of further tax cuts.

Four measures had been up in comparability to final month’s announcement, together with ‘private funds’, ‘basic financial scenario’, ‘main buy index’ and ‘financial savings index’.

Joe Staton, Client Strategy Director GfK, mentioned: “Headline confidence edged ahead in April 2024 to -19. There was a welcome repeat of the March +2 rating for the way customers really feel about their private funds in the following 12 months.

“While the Overall Index Score stays adverse, the entire underlying 5 measures this April are considerably higher than they had been final April. These enhancements replicate the impression on family budgets of lower inflation and the anticipation of further tax cuts.

“However, we’re a good distance from the a lot firmer sentiment final seen in the interval earlier than Brexit, Covid and the battle in Ukraine.

“There is numerous floor to make up, and warning is required in the face of continuous financial and fiscal challenges, and revised views on when the Bank of England may lower borrowing prices.

“But spring has arrived and possibly consumer confidence is, finally, slowly changing into brighter and heading in the proper route.”

The measure for the final financial scenario of the nation over the past 12 months is up 4 factors at -41, which is 14 factors increased in comparision to April final 12 months.

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