Consumer confidence takes jump – report

Consumer confidence improved slightly in the first quarter of 2018 but people’s perceptions remain negative overall, a report has found.

The Deloitte Consumer Tracker said overall consumer confidence improved to reach a reading of minus 6% in the first quarter of 2018, up one percentage point from a reading of minus 7% in the final quarter of 2017.

The report said that, behind the overall index reading, people are feeling more upbeat about their disposable income and levels of debt as well as their health and well-being, although confidence in job security has deteriorated.

The report said overall consumer confidence is now at its best levels since the fourth quarter of 2016.

It said while confidence remains in negative territory, the latest findings are a positive step from a score of minus 10% in the second quarter of 2017, which was a low point for consumer confidence in recent years.

The quarterly survey of more than 3,000 people across the UK was carried out between March 23 and 26.

Ian Stewart, chief economist at Deloitte, said: “Confidence has crept up against a backdrop of consumer-friendly economic conditions.

“Unemployment has hit a 43-year low and is stoking wage pressures while falling inflation will boost consumer spending power and has eased the pressure for rate rises.”.