New consumer confidence boost for flooring

Leading retail analysts GfK have reported another jump in consumer confidence for big ticket items such as flooring and said "the overall trajectory this year is positive."

GfK's Major Purchase Index which asks consumers if now is the right time to buy furniture, flooring and appliances rose four points in May - the fourth upward move in recent months and it follows a five point rise in April which GfK described as a "dlowering of optimism."

The Index now stands at minus 24, 11 points up on this month last year.

The more general GfK Consumer Confidence Index saw an increase of three points to minus 27 in May.

Joe Staton, Client Strategy Director GfK, said: “The cost-of-living crisis has been part of our daily financial reality for a long time, with double-digit inflation and record-high food prices. But despite those pressures, May sees an encouraging three-point uptick in consumer confidence.

“While Brits have little control over the general economy, it’s good to see further improvement in how people view their personal finances in the next 12 months with a robust five-point jump to -8. This measure most keenly reflects our hopes and fears for the coming year, and it underpins our ability to spend on goods and services that drive our economy," said Joe.

“Of course, we’re still deep in negative territory and a long way from any ‘sunny uplands’. However, the overall trajectory this year is positive and might reflect a stronger underlying financial picture across the UK than many would think. But everybody must hold on tight as it could still be a rocky ride out of these tough times.”