GfK’s UK Consumer Confidence Index has increased three points this month to 4, making the Index the highest it has been for over a decade.
All five measures used to calculate the Index saw an increase this month. The ‘Major Purchase Index’, for example, has increased two points to -6, which is eight points higher than March 2014.
Nick Moon, managing director of social research at GfK, says: “At +4, the Index is the highest it has been for almost 13 years, and it has gone up a striking eight points in just three months.
“Reaction to the budget has this far been muted, but if people warm to it over the next few weeks then we may well see a further increase in the Index next month. A consistently rising Index in the run-up to the election is likely to be good news for the government.”
The measure for the ‘General Economic Situation’ of the UK during the last 12 months has also increased four points this month to 1. This is 16 points more than March 2014.
Consumer optimism in the current economic climate is also reflected in a YouGov/Cebr Consumer Confidence Index. YouGov’s data shows that 27% of consumers expect their household financial situations to improve over the next 12 months. This is the highest level it has been since March 2010, two month’s before that year’s general election.
The UK Consumer Confidence Survey from GfK was conducted with 2001 individuals aged 16+ on behalf of the European Commission.