Consumer confidence rises in May
Consumer confidence has risen by three points this month according GfK’s long-running Consumer Confidence Index.
May saw the index increase to –10 as people felt more upbeat about the outlook for their personal finances.
Joe Staton, client strategy director at GfK, said: “Despite a backdrop of Brexit-related change and complexity, and price rises for most household bills in April, consumers have managed a seasonal spring in their step with a three-point uptick in consumer confidence this month.
“Although the Overall Index Score is still bumping along in negative territory, we’re seeing stronger positives in measures about how consumers view their personal financial situation – a key metric impacting day-to-day spending – coupled with a less negative view of the general financial situation across the UK in the coming year.”
The measure for the forecast for people’s personal finances over the next 12 months increased by five points to 5 this month while the measure for expectations for the general economic situation over the same period rose by five points to -29.
Meanwhile, the major purchase index edged up two points to 1 in May, the same as in May 2018.
