GfK’s Consumer Confidence Index increased six points to -9 in May. Three measures were up in comparison to the April 23rd announcement, one measure was down and one was flat.
The Major Purchase Index, which measures consumers' willingness to buy big-ticket items among other things, increased by five points to -7 in May – this is 40 points higher YoY, and down just eight points Yo2Y.
Joe Staton, client strategy director at GfK, says: “The financial mood of the nation has bounced back to its pre-lockdown figure of -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 ‘economy next year’ measure has recorded a 15-point jump this month, and since January has leapt from -44 to +4. These findings reflect April’s ‘feelgood’ reopening 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.”