UK consumers least confident since 2012 - YouGov

British consumer sentiment has dropped to its lowest since January 2012 as most people believe the economy will suffer a heavy recession or a depression triggered by the Covid-19 pandemic.

The figures, released in the April survey carried out by YouGov, add to signs of a sharp downturn from other surveys of businesses and households.

“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.

Another survey carried out by YouGov in collaboration with Barcanet asked over 2,000 consumers to share what business behaviours they cared about most – focusing on six specific areas.

The key areas were fair taxes for companies, fair wages for the employees and good working conditions. People are also concerned about the impact of the companies on the environment.

Around 88% said that it was vital that businesses were paying the correct amount of tax for good public perception. Another 81% said that they care about how employees are treated.

“Despite the inevitable impact coronavirus is having on corporate strategy right now, companies that want to be in the best shape post-lockdown should still place importance on socially responsible practices. We commissioned the YouGov survey to help clients get under the skin of what their customers really want from businesses and to show how vital demonstrable CSR is.

“Any CEO keeping tabs of the news will be aware that consumers are vowing to boycott companies that are perceived to have behaved badly towards employees, suppliers and society at large recently.

“Customers, employees, suppliers, regulators and investors have one thing in common right now – they’re all judging businesses by their behaviour, on a local and global scale.

“And, if you don’t meet their social responsibility requirements but your competitors do, it could have serious repercussions for your company going forward, especially set against an already challenging economic backdrop.”