15 June 2024, 09:06
By Furniture News May 29, 2024

Consumer confidence outlook brightens, but major purchase intent falters

GfK’s long-running Consumer Confidence Index increased two points to -17 in May. Four measures were up and one was down in comparison to last month’s announcement.

Joe Staton, client strategy director, GfK, says: "There was another strong showing for the UK Consumer Confidence Index this month, driven by a jump in the outlook for our personal finances (up five) and a boost for our view on the wider economy in the coming year (up four).

"The only negative in May is the slight dip in our major purchase measure (down one point to -26), reinforcing the fact that the cost of living crisis is still a day-to-day reality for all of us.

"However, with the latest drop in headline inflation and the prospect of interest rate cuts in due course, the trend is certainly positive after a long period of stasis which has seen the Overall Index Score stuck in the doldrums.

"All in all, consumers are clearly sensing that conditions are improving. This good result anticipates further growth in confidence in the months to come."

© 2013 - 2024 Gearing Media Group Ltd. All Rights Reserved.