Consumer confidence rises for first time since October

According to recently released figures consumer confidence for the month of February increased slightly, reflecting the first rise since October of last year. Whilst the recession is still gripping the country and the financial climate still difficult the level of consumer confidence has still increased. The data comes from leading lender Nationwide.

The lender’s Consumer Confidence index is said to have increased by two points for the month of February, and whilst the rise is only a small one it still comes in the midst of a deepening recession and gloomy financial outlook. The survey involved polling one thousand consumers, who showed optimism for the financial future of the nation.

However, whilst confidence in the future increased there was yet another drop in consumer confidence with regards to the current situation. One official said in the report: “The spate of bad economic news and reported job losses in major industries may have dampened consumers’ perceptions of where we are now.”

The report also claimed that many people are more confident about making larger purchases at the moment, which could be connected to the large discounts that many retailers are offering. The report said: “In addition, more consumers think it’s a good time to make a major purchase. Falling house prices and bigger discounts on new cars may well have affected this, but it remains to be seen how quickly this sentiment will lead to larger numbers of transactions given the current economic conditions.”