UK consumer confidence improved in May as all measures were up during the month.

According to the latest GfK Consumer Confidence Index, overall figures increased by three points to -20 in May. All measures were up in comparison to last month’s announcement.

The Major Purchase Index, which includes big ticket items such as furniture, is up three points at -16; this is 10 points better than this month last year.

The measure for the general economic situation of the country during the last 12 months is up one point to -46; this is seven points worse than in May 2024.

The index measuring changes in personal finances during the last year is up three points at -7; this is three points better than May 2024.

The Savings Index has dropped two points to +28 in May; this is one point better than this time last year.

Neil Bellamy, Consumer Insights Director at GfK, an NIQ Company, says: “There’s an improvement across all five key indicators in May, led by two forward-looking findings. The measure for personal finances looking ahead for the next 12 months has moved out of negative territory, increasing by five points to + 2.

“There’s a similar improvement in how consumers see the coming year’s general economy, with a four-point boost to -33. It’s also worth noting the three-point rise in the measure on major purchases for big ticket items such as furniture or electrical goods, with May’s score of -16 marking the highest level seen since the end of 2024.

“Have consumers taken comfort from the Bank of England’s May 8th quarter-point base-rate cut? And have they breathed a tiny sigh of relief since April when the sudden turbulence of the Trump Tariffs was prompting dire warnings of economic damage and a return to inflation?

“Those dangers – especially the issue of inflation – have not disappeared but the consumer mood in the UK does appear to have improved a little.”