LONDON (Reuters) – British consumer sentiment has dropped to its lowest since January 2012 as the vast majority believe the economy is headed for a recession or a depression due to the coronavirus pandemic, according to a monthly YouGov/CEBR survey.
The figures, based on daily online polling through April, add to signs of a sharp downturn in other surveys of businesses and households. A GfK consumer sentiment survey last month showed the weakest morale since February 2009.
“COVID-19 has brought about unprecedented lockdown measures with no end date in sight, so it’s hardly surprising that consumer confidence has slumped so dramatically. Time will tell if we have reached the bottom,” said YouGov research director Oliver Rowe.
Reporting by David Milliken; Editing by Toby Chopra