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Consumer confidence climbs this month

New figures have shown that consumer confidence has jumped in May as people feel more optimistic about the outlook for the UK economy over the next… View Article

GENERAL MERCHANDISE

Consumer confidence climbs this month

New figures have shown that consumer confidence has jumped in May as people feel more optimistic about the outlook for the UK economy over the next 12 months.

GfK’s long-running Consumer Confidence Index has increased by six points to -9 in May.

Joe Staton, client strategy director GfK, said: “The financial mood of the nation has bounced back to its pre-lockdown figure of minus 9 this month, meaning confidence has made up all the ground lost to Covid-19. UK consumer confidence is being driven by continued optimism for our future personal finances and for the wider UK economy in the next 12 months.”

The index measuring expectations for the general economic situation over the coming 12 months has improved by 15 points to 4 this month, which is 58 points higher than in May 2020.

Meanwhile, the major purchase index has risen by five points to -7 while the index for the forecast for personal finances over the next 12 months has remained the same as April at 10.

Staton added: “These findings reflect April’s ‘feelgood’ re-opening of outdoor pubs, shops, gyms and hairdressers combined with continuing vaccination success, all this before the possibility of green-list vacation opportunities in May. In addition, we’re seeing a healthy five-point uptick in the major purchase index, with more consumers seizing the opportunity to splash the ‘accidental savings’ that some have collected. Now really is a good time to buy. Growing confidence is fuelling the economy and only a reversal to lockdown can dampen this solid momentum.”

Photo by Georgia Hawkins

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