An improved outlook for the economy, sunny weather and a royal wedding are said to be behind a huge jump in consumer confidence.
May’s Consumer Confidence Barometer, compiled by GfK NOP, revealed the second highest rise in consumer confidence since the survey began in 1974. The company asked 2,005 people questions relating to their personal financial situations, the general economic climate, decisions they’ve made regarding major purchases and their current views on the benefits of saving.
Nick Moon, managing director of GfK NOP Social Research, said: "In the 449 months that the index has been running, single-month movement on this scale – either up or down – has only occurred on ten occasions."
Mr Moon added that it was too early to say if this is the start of an upward trend. He said with confidence returning from rock bottom levels, the high street is not out of the woods yet.
But despite the words of caution, retailers are sure to welcome the news and will be keen to push their offers and discounts in order to take advantage of the increasing feel-good factor on the high street.
