Nationwide Consumer Confidence Index spikes in May
The Nationwide Consumer Confidence Index rose 11 points in May, one of its largest ever monthly increases.
Its shift more than halved the deficit between 2011 and 2010, when confidence was nine points higher than it is now and stood at 64 on the index.
At 55 now, the short-term rise in the report could be due to any number of factors.
Nationwide points out that the preceding weeks delivered warmer weather, the one-off occasion of the royal wedding and the regular spring bank holidays.
However, it was not a purely social rise in sentiment that was seen in the study.
The British public also seemingly gained confidence in the economy over the course of May, as well.
Both the Expectations and Spending indices tracked by Nationwide gained significantly during the month.
Robert Gardner, chief economist at Nationwide, says: "The Spending Index rose by 16 points to 79 in May, the biggest monthly increase in the history of the index, but still 19 points down on its May 2010 level of 98."
The majority of this sentiment goes towards smaller purchases such as white goods, as opposed to larger transactions like buying a house or car.
Mr Gardner adds: "In fact, the intention to purchase smaller household goods has risen for three months in a row."
Follow Myfinances.co.uk on Twitter: @news_myfinances
Comments
Newsletter sign up