New research from Conlumino shows that consumer confidence in the economic recovery has risen sharply since the London 2012 Olympics.
In July last year, over half of people (50 per cent) thought that the economy would get worse in the UK but that figure has vastly improved to 26.2 per cent in just one year.
Neil Saunders, Managing Director of Conlumino, commented: “With the sun shining, the excitement of a new royal baby, a recent win at Wimbledon, and more positive GDP numbers, it would have been highly surprising if consumer views on the economy had worsened this month.
“The extent of the improvement, which is the best since the start of the downturn in 2008, indicates that many people are starting to see and feel the green shoots that are emerging.”
However, the buoyant confidence in the UK economy has not such a dramatic on people‘s confidence in their own personal financial well-being.
This July, just 10.8 per cent of people believed their finances would improve with 28.1 per cent still feeling things would get worse, although they improved compared to June.
Reasons for the continued personal gloom include relatively high inflation, rising food prices (a view shared by Tesco boss Philip Clarke) and rising utility bills.