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Consumer Confidence Continues to Improve in May

MNI (London)


  • UK consumer confidence improved for a fifth month in June, rising by three points to -24; two points stronger than consensus expectations.
  • An upswing in personal finance expectations drove the improvement, alongside rising economic situation outlooks.
  • Joe Staton, Client Strategy Director, GfK highlighted that "consumers are showing remarkable resilience in the face of inflation that is currently refusing to yield. If consumers continue to weather the current economic storm, then this will provide a firm foundation for getting back to growth".
  • Yet the major purchase index moderated by one point to -25, implying that purchasing hesitancy is prevailing, halting improved sentiment from translating into a decent retail-sector rebound.
  • Consensus is looking for a small May dip in retail sales of -0.2% m/m (-0.3% m/m ex fuel) in the data due at 0700 BST, foreshadowed by a similar move in the CBI survey (see here). This would reiterate that retail sales remain sluggish, despite the April boost (+0.5% m/m).

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