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Bank holidays see consumer confidence soar

Bank holidays see consumer confidence soar

Category: Economy

Updated: 27/05/2011
First Published: 27/05/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Confidence amongst consumers enjoyed an almost unprecedented jump in May after sunny bank holidays and the Royal Wedding put the feel-good factor back into Britain.

May's figures showed the second largest rise in confidence ever, with sentiment improving by a margin of ten points, Gfk NOP has revealed.

At the same time, people reported a significant improvement in their personal finances and said the climate for making major purchases was better than in April.

People are also far more open to putting money away than they were, with the 'now is a good time to save' index increasing by seven points, four points higher than a year earlier.

Consumers' view of the economy also drastically improved, with expectations for the general economic situation over the coming 12 months increasing by fifteen points.

Despite the new found optimism, the research firm warned it is far too early to know whether this could be the start of an upward trend.

"We are improving from a rock bottom position and consumer confidence is still deeply in the negative," said Nick Moon, managing director of Gfk NOP social research.

"So, whether the current spring in consumers' step is due to the feel-good factor of the Royal Wedding and a double-whammy of sunny bank holidays, or to the recent let-up in negative reporting about the state of the economy, we are not out of the woods."

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