Consumer confidence rises for the second month in a row
June 14th, 2024, Christien Pheby

Consumer confidence rises for the second month in a row

  • Overall index rises (+0.9)
  • Household finance measures improve for the past 30 days (+4.4) and next 12 months (+0.9) 
  • Confidence in retrospective (+3.4) and forward-looking (+0.8) business activity grows
  • Outlook for job security (-5.5) and house prices (-1.1) declines 

With scores going from 90.1 to 94.5 (+4.4), retrospective household finance measures saw the largest uptick in May 2024. The last time they were at this level or better was August 2021, making this a near three-year high. Personal finance outlook saw a smaller improvement from 96.6 to 97.5 (+0.9), but it is still higher than it has been since September 2021. 

Business activity measures saw a similar shift. Measures for the past 30 days jumped from 109.1 to 112.5 (+3.4) – suggesting that the nation’s employees noticed busier workplaces – while measures for the next 12 months increased from 123.2 to 124.0 (+0.8).  

Other measures, however, were less positive. With retrospective job security improving from 96.4 to 98.2 (+1.8) over the past 30 days, workers were less worried about their livelihoods – but a deterioration from 120.1 to 114.6 (-5.5) for the outlook metric suggests they’re concerned for the future. 

House prices also demonstrate a gap between short and long-term confidence. Measures for the past 30 days went from 108.8 to 111.4 (+2.6), while measures for the year ahead declined from 126.9 to 125.8 (-1.1). 

Consumer confidence rose in May 2024, according to the latest data from YouGov and the Centre for Economics and Business Research (Cebr). The index increased from 108.9 to 109.8 (+0.9) thanks largely to improvements in household finance and business activity measures. 

YouGov collects consumer confidence data every day, conducting over 6,000 interviews a month. Respondents answer questions about household finances, property prices, job security, and business activity, capturing their views on the past 30 days and on their forecast for the coming 12 months.

With scores going from 90.1 to 94.5 (+4.4), retrospective household finance measures saw the largest uptick in May 2024. The last time they were at this level or better was August 2021, making this a near three-year high. Personal finance outlook saw a smaller improvement from 96.6 to 97.5 (+0.9), but it is still higher than it has been since September 2021. 

Business activity measures saw a similar shift. Measures for the past 30 days jumped from 109.1 to 112.5 (+3.4) – suggesting that the nation’s employees noticed busier workplaces – while measures for the next 12 months increased from 123.2 to 124.0 (+0.8).  

Other measures, however, were less positive. With retrospective job security improving from 96.4 to 98.2 (+1.8) over the past 30 days, workers were less worried about their livelihoods – but a deterioration from 120.1 to 114.6 (-5.5) for the outlook metric suggests they’re concerned for the future. 

There is also a gap between short and long-term confidence when it comes to house prices. Measures for the past 30 days went from 108.8 to 111.4 (+2.6), while measures for the year ahead declined from 126.9 to 125.8 (-1.1).