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February 3, 2010

Nationwide sees consumer confidence rise

by Richard Kilner

Story link: Nationwide sees consumer confidence rise

Nationwide Building Society’s latest Consumer Confidence Index has revealed that January saw a 3 point rise to 73%, almost double the 39% recorded at the same time one year ago.

The view of the present economic situation also showed some improvement, with 22% of those surveyed believing there were many or some jobs out there, compared to 19% in December.

It marks a return to growing confidence after December saw a slip of 5 points, the largest decline during 2009.

However, spending confidence regarding large purchases declined 3 points to 32%.

Chief Economist Martin Gahbauer has said that the previous month’s dip in confidence is a timely reminder that, having suffered a longer and deeper recession than many expected, consumer confidence will remain cautious in the immediate future.

Consumer confidence will also lose out due to the removal of hefty Christmas discounts, the return of VAT to 17.5% and other initiatives due to end during 2010.


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