Consumer confidence in Great Britain has edged up to its highest level since November 2007, according to key findings in the latest survey by market research company Nielsen and the British Retail Consortium (BRC).
The Confidence Index increased for the fourth consecutive quarter. It was three points higher than when the survey was last polled in December 2009 and is 15 points higher than this time last year, when it hit its lowest point during the recession.
However customers are still concerned about jobs not easing. Nearly three-quarters of people (71%) said they thought job prospects over the next 12 months were ‘bad’ or ‘not so good’. That is virtually unchanged since December.
The economy is the biggest concern of shoppers followed by factors that directly affect household incomes. 84% of Britain’s shoppers believe the country is still in recession with only 29% expecting that to end in the next 12 months (though that is up from 24% in December).
Other concerns include the economy, increasing utility and fuel bills, and even severe winter.
Justin Sargent, group managing director Nielsen UK & Ireland, said: “Increasing costs are coming to the fore once again with consumers feeling the recent fuel price increases.
“We have seen food inflation increase in the last couple of months also so we may find a situation going forward where people start pulling back on discretionary, spending more as paying for the basics puts pressure on household budgets.
“For now, things are looking slightly better than they did last quarter but confidence is not coming back in leaps and bounds.”
Source: BRC
