Consumer confidence rises for the first time in months - but we're still not happy about the economy
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Consumers have reported an increase in confidence in May but remain "resolutely downbeat" about the general state of the economy.
GfK's long-running Consumer Confidence Index rose two points this month, but concerns about the wider economy moderated upbeat figures for personal finances to keep the overall score in negative territory at minus seven.
(Image: E+)
The index measuring confidence in personal finances for the year ahead increased by four points to positive eight, four points higher than May last year.
The measure for the general economic situation of the country during the last 12 months also increased, by five points to minus 24, but remains four points lower than May last year.
Expectations for the general economic situation over the next year have risen three points to minus 21 - the same level as last May.
(Image: Getty)
Meanwhile, a two point drop in the major purchase index suggests consumers are feeling little motivation to spend on big ticket items.
Joe Staton, client strategy director at GfK, said: "These negative economic scores are depressing the overall index and preventing it from breaking out into positive territory.
"We have been at zero or negative for 29 months now. When will the strong jobs market and rising real incomes, coupled with ongoing low interest rates and low levels of headline inflation, have an impact?
"With UK retail sales falling at their sharpest rate since the mid-90s, tough trading conditions for Britain's hard-pressed retail sector continue to take their toll."