There have been small improvements to consumer confidence during May, according to the latest GfK Consumer Confidence Index.

The index increased by three points during the month to -20. All measures of confidence had improved compared to last month’s figures.

“There’s an improvement across all five key indicators in Many, led by two forward-looking findings,” said GfK consumer insights director Neil Bellamy.

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“The measure for personal finances looking ahead for the next 12 months has moved out of negative territory, increasing by five points to +2. There’s a similar improvement in how consumers see the coming year’s general economy, with a four-point boost to -33.”

There was also a three-point boost in the major purchase index, for big ticket items such as furniture or electrical goods, to reach -16. This is the highest level for the measure since the end of 2024.

The Savings Index dropped two points to+28, one point better than at this point last year.

The Bank of England’s cut in the base rate of interest earlier this month, and relaxation of US tariffs, may have helped consumer sentiment, suggested Bellamy.