Consumer confidence falls in May

Consumer confidence fell in May after holding steady in April at its highest level since 2002, according to new figures from research firm GFK. 

GFK’s latest Consumer Confidence Barometer decreased three points to 1 this month, with all five of the measures used to calculate the index reporting decreases.

The index measuring changes in personal finances during the last 12 months has decreased one point to -1, nine points higher than May 2014. However the forecast for personal finances over the next 12 months has decreased four points to three in May – three points lower than the same time last year.

The index measuring the expectations for the general economic situation over the next 12 months fell by 6 points to 0, while the major purchase index decreased four months to 2 during the month.

Meanwhile the savings index decreased by one point to -3, six points higher than May 2014.

Nick Moon, managing director of social research at GFK, said: “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.”