GfK’s UK Consumer Confidence Index has decreased three points to 1 in May. All of the five measures used to calculate the index saw decreases this month, according to the data from the 2,002 people surveyed.
The measure for the General Economic Situation of the country during the last 12 months has decreased two points this month to 1, six points higher than May 2014. However, expectations for the General Economic Situation over the next 12 months have decreased six points to 0; this is 12 points lower than this time last year.
The forecast for personal finances over the next 12 months has decreased four points to 3 this month, three points lower than May 2014.
GfK social research managing director Nick Moon commented: “In the short term, this suggests that despite rewarding them with a majority in the House of Commons, the public are not too confident about economic life under the Conservatives, given that almost all of the fieldwork for this month was conducted after the election, and the Index stands three points lower than last month.
“In the longer term, we seem to be in another of the periods of stasis that the Index goes through from time to time. Of the last 13 months, the Index has been within two points either side of 0 on all but three of them. It is also worthy of note that the individual score for the general economic situation over the next 12 months fell by six points this month and is now 12 points lower than in May 2014. Given that the Index as a whole is one point higher than last May this is a worrying figure.”