UK – Consumer confidence in the UK improved in May, according to the most recent analysis by YouGov and the Center for Economics and Business Research (Cebr).
The Consumer Confidence Index rose 3.1 points to 113.6 over the past month, the highest level recorded by YouGov since May 2016.
A score above 100 suggests that more consumers are confident than not.
The index is based on consumer confidence data collected from 6,000 monthly online interviews with UK respondents, including questions on household finances, house prices, job security and the level of business activity at their workplace over the past 30 days and the next 12 months.
Fieldwork for the most recent research was conducted between 1st May 31stst May.
The index found that people’s confidence in their personal finances improved by 2.7 points over the past month.
The outlook among workers for job security in the coming year saw the largest increase in confidence, rising 5.1 points to 118.9.
The number of workers who felt their jobs had become more secure in the past month also increased, improving by 2.9 points.
Kay Neufeld, head of forecasting and thought leadership at the Center for Economics and Business Research, said: “The YouGov /Cebr The Consumer Confidence Index indicates another sharp increase in sentiment in May as people flocked to pubs and restaurants after some restrictions on indoor socialization were lifted.
“As the economic recovery accelerates, labor shortages have become evident, as evidenced by further significant increases in past and prospective job security measures. Although extremely positive, the latest figures on consumer confidence show that business activity in the workplace has increased only slightly from the previous reading, suggesting that companies may find it difficult to increase production based on growing consumer demand. “