London, England, United Kingdom (4E) – Confidence among British consumers rose to its highest level since August 2007 due to improved outlook on the overall economy and personal finance, according to a closely watched poll published Friday.
The consumer sentiment index rose to minus 5 in March from minus 7 in February, according to market research group GfK, which conducted the poll on behalf of the European Commission. Analysts forecast the index to increase to minus 6.
GfK Managing Director of Social Research Nick Moon said people are now more upbeat about their own financial prospects over the next year. It is unlikely that anything about the recent Budget will reverse this trend, Mr. Moon said.
All five gauges used in the calculation of the index rose in March. The GfK surveyed individuals aged 16 years old and above.
Over the last 12 months, consumers’ view of personal financial situation climbed to minus 11 from minus 13 in February and their expectations rose slightly to 5 from 4.
The index for the country’s general economic situation in 2013 increased 2 points to minus 15. Meanwhile, expectations for next year jumped 2 points to 4.