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Confidence index takes a knock
May 24, 2024
The leading index on consumer confidence for big-ticket purchases pegged back unexpectedly this month as analysts said "the cost-of-living crisis is still a day-to-day reality."
GfK's Major Purchase Index, which covers consumer items such as furniture, flooring and appliances, is down one point to minus 26 – two points lower than this month last year and negating a two-point improvement in April.
The set-back is against the trend of a general improvement in consumer confidence reported by GfK which increased two points in May to minus 17. Their index measuring sentiment regarding personal finances during the last year is up one point at minus 10, ten points better than May 2023
The GkK Savings Index increased one point to +27 in May – eight points up on this time last year.
Joe Staton, Client Strategy Director, GfK, says: “There was another strong showing for the UK Consumer Confidence Index this month, driven by a jump in the outlook for our personal finances and a boost for our view on the wider economy in the coming year. The only negative in May is the slight dip in our major purchase measure (down one point to minus
26), reinforcing the fact that the cost-of-living crisis is still a day-to-day reality for all of us.
“However, with the latest drop in headline inflation and the prospect of interest rate cuts in due course, the trend is certainly positive after a long period of stasis which has seen the Overall Index Score stuck in the doldrums. All in all, consumers are clearly sensing that conditions are improving. This good result anticipates further growth in confidence in the months to come,” he said.
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