UK consumer confidence climbs to the highest level in six years

 
Tim Wallace
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ONS

ONS’ confidence is back, with consumers at their most confident since 2007, according to a survey out today from Nielsen.

In a new sign the recovery is on track, more consumers think it is a good time to spend money than at any point since 2006.

Consumer confidence jumped eight points on Nielsen’s index to a score of 87 in the third quarter, a faster rise than seen in the US or Europe.

The increase is set to translate into more spending on the high street – 39 per cent of consumers say it is a good time to spend, up five percentage points on the quarter and the highest level since 2006.

Just 63 per cent now say they have changed their behaviour to cut spending, the lowest level since mid-2010.

It comes after GDP figures last week estimated that the economy expanded by 0.8 per cent in the third quarter, the fastest pace since 2010.

Nielsen believes the positive feeling is in part due to soaring house prices making households feel richer.

Job security also improved sentiment, with 31 per cent feeling upbeat about job prospects.