Consumer confidence shows some improvement as the country reopens, but some way to go for substantial recovery
This latest wave of the B&A Consumer Confidence Barometer was conducted from 17th – 28th June 2020, just before phase II of the easing of restrictions.
Consumer confidence shows some improvement on the significant dip experienced in March, when confidence in the country’s economic outlook dropped to a level last seen in 2009.
The current consumer confidence is at –84 in June, a slight softening of negativity compared to –91 in March. Also negative consumer perceptions of the economy over the next 12 months have also eased slightly from -85 in March to -68 in June. These figures are some way off the ‘0’ score in January but are a move in the right direction.
The latest figures also suggest an improved outlook in spending, albeit from very low levels ( –36 in June from–48% in March). Interestingly the Revolut spending figures on the 29th June indicated a 23% uplift in spending compared to a normal Monday prior to lockdown.
These are the first positive indictors in what has been a bleak few months.
Undoubtedly choppy waters lie ahead, and people realise these are difficult times. Indeed half the population expect their income to be lower over the next 12 months.
Thus despite some softening of negative consumer sentiment, people remain extremely concerned about what lies ahead for the economy.
All interviewing on this wave was conducted via B&A’s online barometer.
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