NEWS31 May 2019

UK consumer confidence improves in May

Brexit News Trends UK

UK – For the month of May, GfK’s long-running Consumer Confidence Index increased to -10, improving the overall index score by three points.

Four measure improved – personal financial situation over the past 12 months; personal financial situation over the next 12 months; general economic situation over the next 12 months; and major purchase index. The general economic situation over the last 12 months remained the same (at -30 ).

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."

However he cautioned: "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.”