UK’s Consumer Confidence Lifts In May
Written by GfK NOP
10 Jun 2011
The GfK NOP Consumer Confidence Index has increased ten points this month to -21, with rises seen across all five measures.
Nick Moon, Managing Director of GfK NOP Social Research, comments:
“We have seen an almost unprecedented jump in consumer confidence this month. May.s figures show the second largest rise ever – only May 1993 was higher, when it improved by 12 points. In the 449 months that the index has been running, single-month movement on this scale – either up or down – has only occurred on ten occasions.
"But before the businesses celebrate, it should be pointed out that this is just one month.s figure and it is far too early to know whether this could be the start of an upward trend. We are improving from a rock bottom position and consumer confidence is still deeply in the negative. So, whether the current spring in consumers' step is due to the feel-good factor of the Royal wedding and a double-whammy of sunny bank holidays, or to the recent let-up in negative reporting about the state of the economy, we are not out of the woods.”
UK Consumer Confidence Measures – May 2011
The overall index score this month has increased ten points to -21, three points lower than this time last year. All five measures increased this month. The annual moving average drops one point to -23.
Personal Financial Situation
The index measuring changes in personal finances during the last twelve months has increased five points this month to -18; this is five points lower than this time last year.
The forecast for personal finances over the next twelve months has increased by eleven points this month, at -3; this is now the same level as May '10'.
General Economic Situation
The measure for the general economic situation of the country during the last twelve months has increased by thirteen points to –44; one point higher than this time last year.
An expectation for the general economic situation over the next twelve months has increased by fifteen points to -15, six points lower than May '10'.
Climate for Major Purchases
The major purchases measure has increased by five points to -26; which is five points lower than this time last year.
The „now is a good time to save. Index, has increased seven points to -1, which is four points higher than May .10.
About the survey
. The UK Consumer Confidence Survey from GfK NOP was conducted amongst a sample of 2005 individuals aged 16+ on behalf of the European Commission.
. Quotas are imposed on age, sex, region and social class to ensure the final sample is representative of the UK population.
. Interviewing was carried out during 6th – 15th May 2011.
. The figures contained within the Consumer Confidence Barometer have an estimated margin of error of +/-2%
. Results for the Consumer Confidence Barometer are normally available on the last working day of each month at 00.01am; the release date for June is Thursday 30th June 2011.
. Any published material requires a reference to both GfK NOP and the European Commission e.g. ‘Research carried out by GfK NOP on behalf of the European Commission’.
. This study has been running since 1974. Back data is available from 1996.
. The table below provides an overview of the questions asked to obtain the individual index measures:
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27 May 2011
Last Updated ( 10 Jun 2011 )