Consumer confidence 'is on the up'

Date: 7th October 2009

Britons have become more willing to make large purchases on the high street, to the potential benefit of the UK retail sector.

A poll conducted by Nationwide for September's Consumer Confidence Index shows that 39 per cent of people believed that it is a "good time" to make a high-value purchase.

In August, this proportion stood at only 33 per cent.

Meanwhile, 27 per cent said that there would be more jobs available to them in six months' time, a 12 per cent rise from January 2009.

The Index as a whole rose by six points to reach 71 points.

This is a 24-point increase from September 2008 and pushes the Index to its highest level since last April.

Commenting on the report, Nationwide head of economic and market analysis Mark Saddleton said: "September saw a much stronger increase in overall confidence compared with recent months."

He added: "However, consumers' assessment of the present situation is still fairly downbeat and, while they do appear to be optimistic for the future, it is likely that any recovery will continue to be sluggish as consumers adapt to the economic environment."