UK consumer confidence increased in January 2013, according to the findings of a recently released report by researchers GfK NOP. In addition, those surveyed expressed more optimism over the financial picture in the next 12 months.
The survey was conducted on behalf of the European Commission and saw 2,000 Britons polled between 4th January and 13th January. “There’s a definite note of optimism in these findings, with clear changes in how people view the general economic situation in the past year and looking to the coming 12 months,” said Nick Moon, Managing Director of Social Research at GfK.
The survey focused on five indicators: personal financial situation in the past year, personal financial situation in the coming year, general economic situation in the past year, general economic situation in the coming year and climate for major purchases. Of those measures, one decreased, one remained the same and three increased.
Among the latter was the revelation that, in January 2013 consumers were more willing to make major purchases than they had been in December 2012. People also felt more optimistic about the general economic situation over the last 12 months and were positive about the coming year.
The report comes on the heels of productive economic developments such as the implementation of the Funding for Lending Scheme by the Bank of England, which is poised to buoy the housing market by increasing the supply of mortgage funds.
Although Moon added that “a rise in two months out of the last three is an encouraging sign.”