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12 Jun 2024

A £1 billion damages claim has been filed against Amazon on behalf of retailers selling on Amazon’s UK marketplace for illegally misusing their data and manipulating the Amazon Buy...

6 Jun 2024

Bradford-based Pennine Cycles has been named a High Street Hero in the Small Awards.
 

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Lee & Darren from Spokes People, one of Cytech’s UK training providers, are attending the National Cycling Show this weekend and will be delivering various workshops and sessions for...

3 Jun 2024

The British Independent Retailers Association has released the second episode of its 'High Street Matters' podcast series, this time tackling the important issue of accessibility for independent...

3 Jun 2024

Road Traffic Estimates data published by the Department for Transport has shown a 7.3% decline in cycling miles travelled and a 2.2% rise in car journeys between 2022 and 2023. It's...

3 Jun 2024

People will be able to have their bikes security marked in Devon as part of a scheme to keep cyclists safe.

3 Jun 2024

An amendment to the Criminal Justice Bill, put forward by former Conservative Party leader Sir Iain Duncan Smith, that was set to introduce the offense of “causing death by dangerous,...

3 Jun 2024

A programme to get more Londoners cycling across the capital is being launched by Transport for London (TfL).

3 Jun 2024

Consumer confidence has continued its “upward momentum” despite the cost-of-living crisis remaining a daily reality for households, a survey suggests.

20 May 2024

Cycling UK has launched the Inclusive Cycling Experience, a new programme funded by the Motability Foundation, to support disabled communities in Greater Manchester and Inverness to start...

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Consumer confidence rises amid personal finance optimism.

Posted on in Business News , Cycles News

UK consumer confidence improved by two points in April, new data has shown, as optimism about personal finances for the coming year remained stable.

Consumer confidence

According to GfK’s consumer confidence barometer, the reading climbed to -19 during the month – four measures were up in total, while one stayed the same in comparison to last month’s announcement. The survey was conducted among a sample of 2,009 individuals from 2 April to 15 April 15th.

The index measuring changes in personal finances during the last year was up two points to -11. The forecast for personal finances over the next 12 months came in unchanged at 2, which was 15 points higher than this time last year.

The report also found that the measure for the general economic situation of the country during the last 12 months rose four points to -41. This was 14 points higher than in April 2023. Expectations for the general economic situation over the next year moved two points to -21, which was 13 points higher than the previous year.

Meanwhile, the major purchase index increased two points to -25 – three points higher than this month last year, and the savings index jumped just one point to 26 in April; this was seven points higher.

“While the overall index score remains negative, all of the underlying five measures this April are significantly better than they were last April," Joe Staton, client strategy director GfK, said. "These improvements reflect the impact on household budgets of lower inflation and the anticipation of further tax cuts.

"However, we are a long way from the much firmer sentiment last seen in the period before Brexit, COVID and the conflict in Ukraine. There is a lot of ground to make up, and caution is needed in the face of continuing economic and fiscal challenges, and revised views on when the Bank of England might cut borrowing costs.

"But spring has arrived and maybe consumer confidence is, at last, slowly becoming brighter and heading in the right direction.”

In response to the data on Friday, Linda Ellett, UK head of consumer, retail and leisure for KPMG, said: “While it’s welcome to see confidence levels rising, households are still feeling squeezed, so it’s not yet equating to a consistent and significant upturn in consumer spending.

“Of the 3,000 consumers recently surveyed by KPMG about Q1 2024, only 3% said they had been able to increase their discretionary spending. And half of the group said they’ve had to cut their spend further since 2023 ended due to their household essential costs. A quarter with savings are using them to help meet essential costs, or plan to pay down their mortgage. This is limiting intention to spend savings on big ticket purchases, bar holidays and home improvements.

"Whether an economic upturn changes that remains to be seen, but consumers told us they are four times more likely to save than spend should their current costs ease.”

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