Consumer confidence increases in May
New figures show that consumer confidence edged up in May as people became more upbeat about their personal financial situation, the wider economy, and future plans for shopping and saving.
GfK’s long-running Consumer Confidence Index increased by two points to - 5 in the month.
Joe Staton, head of market dynamics at GfK, said: “Despite life becoming more expensive with inflation hitting its highest level in four years, and wages dropping in real terms for the first time in three years, stagnant living standards haven’t yet significantly dented consumers’ spirits – when it comes to retail therapy we remain happy to splash the cash as sales jump ahead of expectations.”
The forecast for personal finances over the next 12 months increased by two points this month to +4 while the measure for expectations for the general economic situation stayed the same as last month at -21.
Meanwhile, the index measuring whether now is the time to make a major purchase climbed by two points this month to +9.
Staton continued: “Although the overall index score is bumping along in negative territory, we haven’t seen any significant fall of the kind we might expect during such periods of pre-election and pre-Brexit uncertainty.”
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