March consumer confidence remains unchanged

Consumer confidence in March has remained steady despite a more optimistic outlook on personal finances. The GfK Consumer Confidence Index has stayed at -21, with a slight increase in expectations for the general economic situation over the next year and a notable rise in forecasts for personal finances, reported the Retail Bulletin.

While personal finance expectations are up two points at +2 compared to last year, the major purchase index has decreased by two points to -27. Joe Staton, GfK's client strategy director, highlights the encouraging increase in personal finance measures but raises concerns about the overall trend in consumer confidence, suggesting potential implications for the economy leading up to the next UK General Election.

Following reports that retail sales stagnated in February according to the latest ONS figures, Dan Edelman, Vice President & UK General Manager, Merchant Services at American Express, told FashionUnited: “American Express research last year found that on average it only takes three negative experiences with a brand for a customer to seek out their competitors.”

“With today’s ONS figures showing that sales remain flat, creating positive customer experiences will be crucial to driving footfall and capturing spend as we move into the spring and summer periods.”

“For the majority this will be about evolution not revolution. Our research found that helpful staff, easy-to-use reward schemes, and a seamless checkout process are as important as sales and discounts when it comes to building customer loyalty.”