Consumers more upbeat about future

UK consumer’s confidence in the future of the economy hit a six-month high last month, according to the National Consumer Confidence Index.

The Index hit 53 in May, the highest score since November and up two points from April.

However, although shoppers’ faith in the future is increasing, they remain pessimistic about the current state of the economy with 77% stating that they did not believe the economy was in good shape.

Consumers’ current lack of confidence was reflected in the CBI’s data for May which showed that retail sales on the high street fell more than expected in May.

Nearly half (48%) of shops said sales dropped in May when compared with the same period last year.

Consumers’ rosier view of the future mirrors the opinions expressed by marketers in research conducted by the Chartered Institute of Marketing which found that more than a third (35%) of marketers now think that their company will do better in the next 12 months, while just under a quarter (24%) expect business to get worse.

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