UK consumer confidence at eight year high, says Nielsen

Consumer confidence is at an eight year high, yet the overall mindset of the UK consumer is still “pessimistic”, according to Nielsen’s Consumer Confidence Index.

The index scored the UK 97 in the first quarter of 2015 – scores above 100 indicate consumer confidence.

The latest figures compare to its highest score nine years ago, when the UK scored 101.

Nielsen’s report further found that 45% of UK consumers felt that now was a good time to make purchases, reflecting the highest score since the survey was established in 2005.

The Global Index also hit 97 in the same period, making it the first time in 7.5 years that the UK score is not lower than the global average.

Nielsen’s Global Survey of Consumer Confidence and Spending Intentions uses a 30,000-strong sample base across 60 countries to measure attitudes to various topics

Steve Smith, Nielsen’s UK managing director, said: “Consumer confidence in the UK continues to rise.

“The UK is one of the fastest growing major economies, unemployment is falling and people are benefiting from zero inflation and lower prices in supermarkets and petrol stations.

“While the majority of people are still cost-cutting – perhaps habitually now – wages, for others, are rising faster than household expenses.

“This is leading to more optimism about their future spending, so we expect to see confidence continue to rise in 2015.”