Consumer confidence best for 19 months

UK shoppers “have their feet on the first rung of the ladder” as consumer confidence has attained its highest level for 19 months, according to the Consumer Confidence Index.

The latest figures show an increase to 75, a 10-point gain on the all-time low of 65 last April. However, despite the encouraging figures released jointly last week by the British Retail Consortium and Nielsen, the current level is still very low compared with two years ago.

Director general of the British Retail Consortium, Stephen Robertson, said: “These figures suggest it will be a long, slow climb out of recession for many customers but some do now have their feet on the first rung of the ladder.

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

Managing director at Nielsen, Justin Sargent, said: “Consumers remain very guarded and we are still a long way from the confidence levels we saw prior to the economic meltdown." However, he added: "This latest poll shows that the confidence of the nation continues to improve."

The report also demonstrated there’s evidence that lifestyles and habits have changed for the long-term in the UK, with 70% of people claiming they have changed their spending behaviour in order to save on household costs.

Meanwhile, the report concludes that attitudes towards discretionary spends, such as wine, are now more positive with the public feeling now is a good time to buy the things they want and need.

In order to capitalise on this, multiple retailers have recently provided a raft of enticing promotions on wine. In the last week alone, supermarkets Waitrose and Marks & Spencer have been offering 25% off wine in their stores, when customers buy six or more bottles.

Jane Parkinson, 09.11.2009