GfK’s long-running Consumer Confidence Index increased two points to -23 in May, with four measures up and one down.
According to the latest GfK Consumer Confidence Index, overall figures increased two points to -23 in May. Four measures were up and one was down, compared to last month’s announcement.
The Major Purchase Index, which includes big ticket items such as furniture, has dropped two points to -20, which is four points lower than May last year.
The index measuring changes in personal finances over the last 12 months has increased four points to -7. This is the same as May 2025.
The measure for the country’s general economic situation over the last 12 months has increased by four points to -47. This is one point less than a year ago.
The Savings Index has decreased 10 points to 22; this is six points lower than this time last year. This measure is commented on but not included in the Overall Index Score.
Neil Bellamy, Consumer Insights Director at GfK, an NIQ Company, says: “Consumers appear to be in a more generous mood in May, with a two-point increase in the headline score and improving perceptions of both personal finances and the wider economy. In contrast, there is a drop in major purchase intentions, with this measure down two points to -20 in May, its lowest level since January 2025. Key income groups are recording more worrying major purchase scores.
“For those earning £14,500 to £24,999, for example, the May score is -33, a 19-point fall below the -14 seen in April. Similarly, there is also a steep fall within the average household income group (£35,000 to £49,999), with a 10-point drop from -17 to -27. Clearly, for specific groups of consumers, the impact of cost-of-living pressures are acute.
“Moreover, our savings measure – down by the unusually high amount of 10 points – suggests people are diverting funds from savings accounts to pay for day-to-day expenses. Inflation may have fallen in April, but with price pressures expected to rise again and continued uncertainty around interest rates, it’s unlikely May marks the beginning of a sustained improvement.”
