Consumers in Britain have gained more confidence about the economy, pushing the rate in June to its highest since January 2000.
People are benefitting from increased employment, low inflation rates and wage increases. Official data showed average weekly pay growth of nearly 3% in the three months to April. This was the fastest rate of growth since December 2008.
All five measures of the GfK marketsurvey, including optimism about personal finances as well as the wider economy, rose in June.
The survey also indicated that people were becoming more willing to purchase more expensive items.
Joe Staton at the research agency GfK, said: “This renewed optimism could also translate into a busy time for retailers. The number of shoppers agreeing that “now is a good time for people to make major purchases such as furniture or electrical goods” registered high with consumers contrasting with negative sentiment for the same period last year.”
