United Kingdom Consumer Confidence May 2021

United Kingdom

United Kingdom: Consumer confidence rises to over one-year high in May

May 21, 2021

Consumer confidence came in at minus 9.0 in May, up notably from April's minus 15.0. May's result marked the strongest reading since March 2020, and was likely driven by substantial lockdown easing since April.

The uptick came on the back of an improvement in consumers’ views of the general economic situation over the next 12 months. In contrast, sentiment regarding their financial situation over the next 12 months was unchanged.

Regarding May’s reading, Joe Staton, GfK’s client strategy director, stated:

"We’re seeing a healthy five-point uptick in the major purchase index, with more consumers seizing the opportunity to splash the ‘accidental savings’ that some have collected. Now really is a good time to buy. Growing confidence is fuelling the economy and only a reversal to lockdown can dampen this solid momentum.”

FocusEconomics Consensus Forecast panelists see private consumption expanding 4.3% in 2021, which is down 0.4 percentage points from last month’s forecast, before rising 6.4% in 2022.


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United Kingdom Consumer Confidence Chart

United Kingdom Consumer Confidence May 2021

Note: GfK Consumer Confidence Index.
Source: The GfK Group.

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