Consumer confidence in the UK’s economic situation has reached 121 points in September, an increase by nine points than three months ago, according to a new report titled ‘The Lloyds Bank September Spending Power Report’ by the Lloyds Bank.
The survey, which began in November 2010, found that the increase in confidence is primarily due to more consumers being optimistic about the housing market and being relieved from concerns about employment.
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The survey found that around 41% customers had positive view of the housing market in September, compared to 39% and 34% in August and July respectively.
Lloyds Bank chief economist Patrick Foley was quoted by Mortgage Introducer as saying that continued positive developments in the economic backdrop, and relative stability in essential spending growth, suggests consumers should in time become more willing to spend.
"This would, in turn, permit the economic recovery to gain further traction," Foley added.
However, negative feelings of consumers towards the employment market continued to fall to 78% in September from 81% and 82% in August and July respectively.
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By GlobalDataAverage spending on essential categories fell to 3%, compared to last year figures, which remained below the pace of wage growth that grew at a rate of 0.7% in the three months to August 2013.
