Belfast Telegraph

Consumer confidence grows as spending rate defies predictions

By Josie Clarke

Consumer "defiance" helped confidence grow for another month, with a widely predicted drop in spending failing to materialise, according to new figures.

The long-running GfK Consumer Confidence Index rose another point to minus nine in September on top of August's two-point increase.

The survey showed that confidence in personal finances, looking back and ahead a year, slipped this month.

However, retail sales continued to grow despite non-food prices increasing at their highest rate for 25 years.

The savings measure also decreased three points, but remained 12 points higher than a year ago.

Confidence in the general economic situation over the last year and for the next 12 months, meanwhile, increased.

The major purchase index - a measure of confidence in spending on big ticket items - rose one point to minus one, eight points lower than this time last year.

Joe Staton, head of market dynamics at GfK, said: "Consumers appear to be in a mixed mood, with some confidence measures up and others down, yet there's a strong note of defiance."

Belfast Telegraph