According to latest figures from Nielsen, consumer confidence in the UK increased for the sixth quarter in a row, rising above the global average for the first time in more than nine years.
The UK Consumer Confidence Index rose from 97 (Q1 2015) to 99 (Q2 2015), whilst the global level dropped from 97 to 96.
The data also showed that confidence levels in the UK overtook Germany (down from 100 to 97) for the first time in more than five years. Consumers in the UK are now the second most confident in Europe, behind Denmark (112) – the fourth most confident country globally.
Commenting on the figures, Nielsen UK amp; Ireland managing director Steve Smith said: “Consumers in the UK are feeling ever more confident. Wage inflation is starting to outstrip price inflation for the first time in years, while mortgage rates are at historically low levels and unemployment has generally been falling.
“This positivity is reflected in the cornerstone of household budgets: grocery spending. The number of UK consumers switching to cheaper grocery brands in order to save money is at its lowest level (30%) since late 2009. This is an encouraging sign for retailers that consumer purse-strings may be starting to loosen.”