British consumer confidence continues to bounce back, surging to its highest since March, according to a new poll out today.
The analysis of over 6,000 interviews was carried out by YouGov and the Centre for Economics and Business Research (Cebr), with its consumer confidence index for October showing the score had increased from 108.7 last month to 109.3.
A score over 100 reflects that more consumers were confident than not.
While more people than not felt their current financial situation had deteriorated over the past month, that gap had closed over the most recent period, while the forward-looking household finances metric nudged its highest score since September last year.
Stephen Harmston, head of YouGov, said: “While more people than not expect to be worse off in a year’s time, that gap has narrowed. Further to this, employees are seeing more business activity.”
Despite the resurgence, both measures were yet to recover to the levels they reached before the European Union referendum in June last year.
The poll also signalled that both house value metrics had fallen for October, with the forward-looking house value score dropping down to 133.3, marking the end of a three month run of rises.
Nina Skero, head of macroeconomics at Cebr, said:
October marks the highest consumer confidence score since March, which bodes well for households and the economy more generally.
The downtick in the house value measures is a concern, however, given that one’s perception of own home value has direct implications on their future willingness to spend.