Consumer confidence takes a hit as coronavirus fears heighten

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Consumer confidence dropped by two points this month as the effects of the coronavirus pandemic began to take hold.

Shopper sentiment fell to -9 in March, although this marked a four-point increase year-on-year, according to figures from GfK. March 29, 2019, was the original day the UK was set to leave the EU.

However, the latest GfK monitor was compiled during the first two weeks of the month, prior to the government placed the UK into lockdown. It means a further deterioration of consumer confidence is expected in the coming months.

Consumer sentiment around personal finances during the past 12 months rose three points to +2, whereas predictions for the next 12 months decreased to +3.

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