Consumer confidence has nudged up in May, as shoppers’ perceptions of their own finances and the wider economy improved.
GfK’s monthly barometer nudged up to –23 in the month after April’s low of –25. May’s score remains below the –21 seen in February, and well below the score of roughly –18 seen from June to December 2025.
“Consumers appear to be in a more generous mood in May,” said GfK consumer insights director Neil Bellamy.
But he pointed out that there had been a further drop in consumers’ intention to make major purchases – a measure that reached its lowest level since January 2025.
The fall is particularly acute among low- and median income households.
For shoppers earning £14,500-£24,999, confidence to make big-ticket purchases collapsed from –14 to –33. GfK registered a 10-point drop to –27 for those earning £35k-£50k.
“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,” Bellamy added.
“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.”
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