Consumer confidence increases in May

Consumer confidence rose by 3 overall to -10 for the month of May, according to GFK’s Consumer Confidence Index. Four measures increased and one stayed the same.

Forecasts for the general economic situation over the next 12 months have increased five points to -29; but is still eight points lower than May 2018.

The measure for the general economic situation of the country during the last 12 months,has remained the same in May, at -30; this is six points lower than in the same period last year. .

The savings index has seen further growth, increasing by four points to +16, nine points higher than at this time last year.

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.”

Staton added: “With the government forecasting an economy showing modest growth, where inflation is under control, unemployment is at multi-decade lows and the employment rate is at a record level, perhaps this sunnier picture is to be expected?

“But before we see a leap back into the brighter positive numbers last seen in January 2016, consumers will need to be convinced in heart, head and wallet that Brexit’s murkiness has finally come to an end. And there are potentially dark clouds on the horizon with the next EU deadline of October 31st.”

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