Consumer confidence hits highest levels since January 2017

350
consumer confidence

Consumer confidence in the UK has risen to its highest point since the start of last year, contradicting separate figures released last week that indicated a fall for the month of April.

According to new analysis from YouGov and the Centre for Economics and Business Research (Cebr), headline consumer confidence measure in April came in at 109.8, up 2.2 points on the previous month and is at its strongest level since January 2017 when it was also at 109.8.

However, while any score over 100 means more consumers are confident than unconfident, it is still below where it was before the EU referendum.

Nonetheless, it is still in contrast to the long-running GfK Consumer Confidence Index, which last week revealed a two point month-on-month drop in consumer sentiment to -9.

GfK’s figures also marks the 28th consecutive month that consumer confidence was in negative territory.

YouGov/Cebr’s data shows that all eight underlying measures have increased in the past month.

The most notable improvements have come in the backward and forward-looking household finance scores, which have risen to their highest level since September 2016.

There are also strong improvements in both experienced and expected job security and also in the forward looking house value measure.

“The YouGov/Cebr Consumer Confidence Index has shown a broad-based improvement in April – likely boosted by the return to real wage growth,” Cebr head of macroeconomics Nina Skero said.

“Given that consumer confidence is a leading indicator, the latest release provides some much needed hope for the UK’s economic outlook.

“With GDP growth in Q1 2018 at the lowest level in over five years, any signs that the situation is set to improve in the coming quarters is very welcome.”

Click here to sign up to Retail Gazette‘s free daily email newsletter