Consumer confidence continues to remain low in May

UK consumer confidence improved slightly in May by two points to -1, compared to April’s -3, but remains under pressure from the persistent doubts about the economy, according to GfK’s Consumer Confidence Index.

GfK head of market dynamics, Joe Staton said: “Despite May’s brave attempt at a recovery with the overall Consumer Confidence Index rising two points from April, we remain in the gloomy world of negative territory this month at -1.

"Optimists will point to the fact our views on personal finances and our willingness to make major purchases are all up on last year. Perhaps this shows consumers are more confident over areas where they have more direct control. But pessimists will emphasise that the music is different when it comes to the general economic situation.”

Staton added: “Despite the tiny uptick this month, our confidence in economic matters, whether we look back or ahead 12 months, remains way below last year. Is it because the Brexit gremlins are hard at work? Almost certainly yes. How will that all change when the EU referendum has taken place on June 23rd? We all wish we knew the answer to that question.”

The index also measures change in personal finances and during the last 12 months it has increased by one point to +4, while the measure for the General Economic Situation of the country increased slightly and remained negative at -13.

The Major Purchase Index was also up by four points to +9 and the Savings Index was one point lower at +4.