Consumer confidence grows in quarter one

Consumer confidence has seen a bounce during the first three months of this year, according to News International Commercial’s recently launched consumer survey.

The publisher’s Consumer Eye survey polls more than 3,000 readers of News International titles such as The Sun and The Times on consumer confidence. The first full study undertaken in March by the resource has shown that consumer confidence has risen by six points since the benchmark survey was undertaken in December 2008.

Key reasons given for the rise in confidence include interest rate reductions, lowered concern over utility bills and value perceptions of grocery costs.

While still anxious over savings, house value and general economic worries, 58% of consumers think the effects of the recession will continue as they are rather than get worse.

In terms of savings, 20% of the poll said they will open an ISA/Savings product and 31% of 25- to 34-year-olds plan to increase the amount of money they save.

Earlier this month, the British Retail Consortium said that the rise in high street retail sales in January was a “discount driven blip” and reported in February retail sales fell overall 1.8% year on year.

Consumer Eye was devised by News International to help provide insights to develop the right communications approach for potential advertisers. Business intelligence director Claire Myerscough says: “We believe the scale of the survey and its ability to identify trends within a wide range of consumer products will provide great value to brands when planning campaigns.”