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Jan 14

Has there been a rise in consumer confidence?

Posted by:AutoMoney

In recent months it has become apparent that consumer confidence may be on the up. With falls in household fuel bills, food, and fuel for vehicles, consumer confidence is at a high, as well as household spare cash.

piggy bankAccording to the Lloyds Bank Spending Power Report, consumer confidence has increased by five points to reach a second highest ever score recorded of 151.

The Asda Income Tracker also reported that the average UK household now has a discretionary income of around £170 per month as of October 2014. This is an £8 increase year on year from 2013 and is also the highest amount recorded since the survey began back in January 2007.

Overall consumers are also spending 6% less on fuel year on year. This is due in part to the sharp decline in the crude oil prices for diesel and petrol, which has been reflected on the forecourt. And alongside this, the warmer autumn and winter so far has seen a fall with regards to utility bills, in some areas by as much as 5.5% year on year.

And it isn’t just consumer confidence that is at a high – the level of unemployment in the UK is at its lowest since September 2008.

According to industry experts, the continued growth and recovery process should last well into 2015, with discretionary income expected to hold strong and a freeze on energy prices helping the income flow.

Even though it is great to report that there is a recovery in full swing and that the darkness of the recession may be behind us with the light at the end of the tunnel visible, for those unexpected emergencies, AutoMoney are able to provide funds quickly and securely.

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