Consumer confidence in the UK remains in ‘gloomy territory’ as economic confidence still lower than last year, says GfK in its latest report.

The market research organisation claims that the index measuring changes in personal finances during the last 12 months has increased by one point this month to +4, while the measure for the general economic situation of the country has increased one point this month to -13, resulting in the consumer confidence index increasing by two points to -1 in May.

Joe Staton, head of market dynamics at GfK, says: “Despite May’s brave attempt at a recovery with the overall Consumer Confidence Index rising two points from April, we remain in the gloomy world of negative territory this month at -1. Optimists will point to the fact our views on personal finances and our willingness to make major purchases are all up on last year. Perhaps this shows consumers are more confident over areas where they have more direct control. But pessimists will emphasise that the music is different when it comes to the General Economic Situation.

“Despite the tiny uptick this month, our confidence in economic matters, whether we look back or ahead 12 months, remains way below last year. Is it because the Brexit gremlins are hard at work? Almost certainly yes. How will that all change when the EU referendum has taken place on June 23rd?  We all wish we knew the answer to that question.”