Consumer confidence in October has remained positive despite reports of sharply declining retail sales.
According to new data from YouGov and the Centre for Economic and Business Research (Cebr), the Consumer Confidence Index stood at 109.3, up from 108.7 in September and marking the highest score since March.
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“Consumer confidence continues on its upward trend. While more people than not expect to be worse off in a year’s time, that gap has narrowed,” YouGov head of reports Stephen Harmston said.
“Further to this, employees are seeing more business activity. The news is offset somewhat by house owners believing that the value of their properties has decreased.”
While consumer confidence is yet to return to pre-referendum levels, confidence over forward-looking household finances has jumped to 94.0 from 92.3 – the highest level since September 2016.
This contrasts with today’s retail sales figures from the CBI, which have shown a level of decline not seen since 2009.
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