GfK has reported that its UK Consumer Confidence Index decreased three points, to one, in the month of May, and all of the five measures used to calculate the index saw decreases this month.

Nick Moon, MD of social research at GfK, says: “In the short term, this suggests that, despite rewarding them with a majority in the House of Commons, the public are not too confident about economic life under the Conservatives, given that almost all of the fieldwork for this month was conducted after the election, and the index stands three points lower than last month. 

"In the longer term, we seem to be in another of the periods of stasis that the index goes through from time to time. Of the last 13 months, the index has been within two points either side of zero on all but three of them.

"It is also worthy of note that the individual score for the general economic situation over the next 12 months fell by six points this month and is now 12 points lower than in May 2014. Given that the index as a whole is one point higher than last May, this is a worrying figure.”

Significantly, the Major Purchase Index decreased four points this month to two – yet this remains five points higher than this time last year.