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UK consumer confidence up in May

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by Kay Mitchell

The latest survey from the Nationwide Building Society has revealed a surge in UK consumer confidence for the month of May.

The building society’s consumer confidence index rose 11 points to 55 last month – the biggest monthly increase in 5½ years, and takes the index to a five-month high.

However, the index is still below the average of 81.

Last month’s surge in confidence was attributed to the extra bank holiday for the Royal Wedding, which led to a more optimistic outlook, said the Nationwide.

However, commenting on the report, Robert Gardner, Nationwide’s chief economist, said: “It is too early to say whether consumer confidence is in a sustained recovery.

“There are still strong downward pressures, not least higher-than-hoped for inflation and continued concern around employment, whilst recent announcements of large domestic energy price hikes are likely to dampen consumer mood,” he added.

Meanwhile, the expectations index also surged ahead 17 points to 76, while the spending index rose 16 points to 79 last month.

The Nationwide survey was conducted between April 25 and May 22.

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News posted: June 15, 2011

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