Consumer confidence edged up in May as some of the concerns about the country’s economic situation eased. However, the overall confidence score remains negative.
The GfK Consumer Confidence Index score for May 2019 was -10, up from -13 in April. In May 2018, the score was -7.
Joe Staton, client strategy director at GfK, suggested the results indicated a “less negative” overall view of the financial and economic situation, thanks to positive forecasting from the government. He stressed, however, that the long-term outlook remained hesitant, with confidence still low thanks to Brexit uncertainties.
“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,” he said.
“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 31 October.”