Shoppers unfazed by market headwinds as confidence rises - Deloitte

Billy Bambrough
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Improvements in consumers' level of debt, job opportunities and career progression helped boost shopping (Source: Getty)

Optimism in the economy reached a four-year high in the third quarter, according to the latest consumer tracker from accountancy giant Deloitte.

Consumer confidence rose by two percentage points to -7 per cent, from -5 per cent in the second quarter.

Consumers were apparently unperturbed by the recent volatility global financial markets that saw the FTSE briefly fall by 700 points to under 6,000.

The biggest gains came from improvements in consumers’ level of debt, job opportunities and career progression.

Ian Stewart, chief economist at Deloitte, said: “For consumers the good news on rising real wages and improving job security trump the bad news from the global economy.”

The latest data follows findings that shows spending by UK consumers on recreation and culture is rising.

According to credit card company Visa, across the UK, consumer expenditure rose by 1.8 per cent year-on-year in September. The average annual increase so far in 2015 is 2.4 per cent.

Deloitte found those living in London and the South East also recorded a resurgence in consumer confidence.

Concerns about the weakness of the property market and the affordability of housing caused a drop in the previous quarter.

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