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GfK’s Consumer Confidence Index was up six points in April and is now at -30, compared to -38 in April 2022.
UK consumers’ expectations for the general economic situation over the next 12 months have increased by six points as well to -34, which is 21 points better than April 2022.
The forecast for personal finances over the next 12 months increased eight points to -13, which is 13 points higher than this time last year.
The latest figures by GfK, which were conducted on a sample of 2,000 individuals, have been the brightest since the invasion of Ukraine last year which caused a surge in energy costs.
Joe Staton, client strategy director GfK, believes that despite inflation prices the recent research suggests that household finances are stronger than previously thought.
Staton added: “The brighter views on what the general economy has in store for us, with April’s six-point rise cementing a 20-point improvement since January, could even be seen as the proverbial ‘green shoots of recovery’.
“Moreover, the Major Purchase Index at -28 is higher than it has been for a year and will bring much-needed cheer to retailers as we head into summer. This is the third month in a row that confidence overall has improved; can we look forward to this momentum building for the year ahead?”
