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Consumer confidence reaches 18 month high

Consumer confidence reaches 18 month high

Category: Economy

Updated: 02/11/2009
First Published: 02/11/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumer confidence has reached an 18 month high, reflecting improving sentiment on job prospects and personal finance.

The latest Consumer Confidence Index by Nielsen and the British Retail Consortium (BRC) recorded a gain to 75, the highest score in a year and a half, and a significant improvement on the all time low score of 65 which was seen in April this year.

Figures are still down compared with two and three years ago. Twenty per cent now believe job prospects in the UK will be good or excellent over the next 12 months, an improvement on 14 per cent in July and almost double the 11 per cent that was recorded in April.

The proportion that foresees the situation being negative during the same period has fallen to 24 per cent. April's figures showed 42 per cent thought the situation would be bad for the next 12 months.

"These figures suggest it will be a long, slow climb out of recession for many customers but some now have their feet on the first rung of the ladder," commented Stephen Robertson, director general of the BRC.

"There's no question the general mood of consumers is better than a year ago, when conditions were dire, but improvement has been slow so far."

Over a third of consumers (36 per cent) now believe their personal finance situation to be excellent or good, up from less than three in ten (29 per cent) in April, while fewer people adjudge their situation to be negative, although this measure has only fallen from 49 per cent to 46 per cent.

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