GfK’s Consumer Confidence Index increased three points to -27 in May. All measures were up in comparison to last month’s announcement – including the Major Purchase Index, which rose four points to -24 (up 11 points YoY).

Joe Staton, client strategy director at GfK, says: “The cost of living crisis has been part of our daily financial reality for a long time, with double-digit inflation and record-high food prices. But despite those pressures, May sees an encouraging three-point uptick in consumer confidence.

"This is the fourth monthly increase in a row, from January’s score of -45. While Brits have little control over the general economy, it’s good to see further improvement in how people view their personal finances in the next 12 months, with a robust five-point jump to -8. This measure most keenly reflects our hopes and fears for the coming year, and it underpins our ability to spend on goods and services that drive our economy.

"Of course, the headline score of -27 means we’re still deep in negative territory and a long way from any ‘sunny uplands’. However, the overall trajectory this year is positive and might reflect a stronger underlying financial picture across the UK than many would think. But everybody must hold on tight as it could still be a rocky ride out of these tough times.”