Consumer confidence fell in May, with a survey suggesting it could have been hit by the election of a Conservative government.
- Consumer confidence drops three points in May
- Shoppers could be concerned about economic life under Tories
- Confidence in economic situation over next 12 months drops
After consumer confidence in March reached the highest level for 13 years, GfK’s UK consumer confidence index dropped three points to 1 in May.
Nick Moon, managing director of social research at GfK, said: “In the short term, this suggests that despite rewarding them with a majority in the House of Commons, the public are not too confident about economic life under the Conservatives.”
The index measuring major purchases decreased four points to 2 in May. While some consumers may be putting off big-ticket purchase, this index is still five points higher than this time last year.
“It is also worthy of note that the individual score for the general economic situation over the next 12 months fell by six points this month and is now 12 points lower than in May 2014. Given that the index as a whole is one point higher than last May this is a worrying figure,” added Moon.
The results came shortly after research firm Nielsen stated that consumer confidence had reached a nine-year high. Nielsen’s survey found 45% of consumers now believe it is a good time to make a purchase.