UK consumer confidence improves, but stays pessimistic

(Alliance News) - UK consumer confidence improved slightly in May, survey results showed on ...

Alliance News 21 May, 2026 | 11:45PM
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(Alliance News) - UK consumer confidence improved slightly in May, survey results showed on Friday.

The overall score for the GfK UK consumer confidence index rose to minus 23 points in May from minus 25 points in April.

A worse reading of minus 28 was anticipated, according to the consensus forecast cited by FXStreet.

Neil Bellamy, consumer insights director at GfK, said: "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. "

The measure for personal financial situation over the last 12 months rose to minus 7 points in May from minus 11 points in April, while the measure for personal financial situation over next 12 months improved to minus 2 points from minus 4 points.

The score for the general economic situation over the past 12 months rose to minus 47 points from minus 51 points, while the reading for the next 12 months rose to minus 38 points from minus 43 points.

The major purchase index however fell to minus 20 points from minus 18 points, and the saving index fell to plus 22 points from plus 32 points.

"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," GfK's Bellamy said.

The index readings form part of the GfK consumer confidence barometer, published each month by GfK and the Nuremberg Institute for Market Decisions using survey responses gathered between April 30 and May 14 from a sample of 2,002 individuals in the UK aged 16 and above.

By Elijah Dale, Alliance News senior reporter Asia-Pacific

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